Landlord Question and Answer Forum
I recently purchased a home and plan on renting it out. Currently there is a tenant living there from the last owner. He is paying a really low monthly rent and I want to raise the monthly rent. Does the current tenants lease agreement extend even after the house has been sold? Also, can I legally raise the rent to what ever price I want even while he is currently living there? Can I kick them out if they do not agree to the new monthly rent cost?
Peter R, IN on Tuesday, December 11, 2012
RE: New Landlord and Old Tennant (Indiana)
If you bought the property with a tenant, and the tenant has a lease agreement, you must honor the lease agreement until it ends. Then you can raise the rent to whatever you feel is fair. Give the tenant at least 30 days notice for the rent increase and let them know that you're bringing it to market rent. Ask them if they wish to continue. If they don't, that's their choice.
Posted by
Dawn A, WI
on
Tuesday, December 11, 2012
RE: New Landlord and Old Tennant (Indiana)
Thank you very much for the reply and help.
Happy holidays
Posted by
Peter R, IN
on
Tuesday, December 11, 2012
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