In Ohio, a new buyer is required to honor to lease in effect at the time. That could be 3 months into a year lease, or just a m2m(just examples). Of course the option exists to negotiate an early exit if new buyer wants the tenant out soon. Strongly agree to get copy of lease, or at least all lease terms in writing!
Great video! Im actually just about to go through this. I recently had an offer excepted on a property that has a long term tenant. However, i am purchasing in order to use it as a short term property. The seller asked me to honor the current lease which will expire in March 2022. I agreed, because the lease agreement looks like it covers all the bases. But i still have that worry of what may occur at the end of this lease, when i don't renew. So an estoppel agreement sounds great. Im definitely gonna discuss this with my attorney. Thanks guys, you are the best. Also, what would you recommend putting in the letter, to the tenants, in regards to informing them that a new owner is taking over the property?
The security deposit belongs to the Tenants - You should get the security deposit transferred to the new owner when you close on the property (I'm not a lawyer - I picked this up from another post - But it makes sense to me)
What should u do as a trustee (of sectional property) when there is a tenants in a property of a deceased owner not paying towards levies or rent anymore (for over a year) and we not able to find any beneficiary of the deceased. Can we evict the tenants?
In Ohio, a new buyer is required to honor to lease in effect at the time. That could be 3 months into a year lease, or just a m2m(just examples).
Of course the option exists to negotiate an early exit if new buyer wants the tenant out soon.
Strongly agree to get copy of lease, or at least all lease terms in writing!
Question can I watch the biggerspacket even on New Orleans online????
Great video! Im actually just about to go through this. I recently had an offer excepted on a property that has a long term tenant. However, i am purchasing in order to use it as a short term property. The seller asked me to honor the current lease which will expire in March 2022. I agreed, because the lease agreement looks like it covers all the bases. But i still have that worry of what may occur at the end of this lease, when i don't renew. So an estoppel agreement sounds great. Im definitely gonna discuss this with my attorney. Thanks guys, you are the best.
Also, what would you recommend putting in the letter, to the tenants, in regards to informing them that a new owner is taking over the property?
Thanks
What do I do if the existing tenants do not want to sign my new rental agreement or pay rent?
What about the security deposit? I cannot get any answers.
The security deposit belongs to the Tenants - You should get the security deposit transferred to the new owner when you close on the property (I'm not a lawyer - I picked this up from another post - But it makes sense to me)
What should u do as a trustee (of sectional property) when there is a tenants in a property of a deceased owner not paying towards levies or rent anymore (for over a year) and we not able to find any beneficiary of the deceased. Can we evict the tenants?
If the property has 10 or less units, I suggest you introduce yourself to the tenants. Talk to them 5-10 mins and show some sort of credentials.
If you are not willing to meet face to face with your new tenants get out of the business because you're giving it a bad name.
Unless you're an out of state investor.
@oscare.yerena8256 Then you need a manager in my opinion for both your safety and the tenants. Someone needs to keep an eye on things.