Landlord Question and Answer Forum

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I have just purchased another 4-plex. All units are rented with tenants in various stages of their lease. I have sent letters to all advising them that I have purchased the property and that the terms of their leases will not change. Do I need to have everyone sign new leases with me, or can I continue with previous owners leases until the tenant leaves? Thanks, BR in N.D.

Robert R, MN on Friday, July 24, 2015

RE: New property

You can continue with the previous owners lease. However if you renew with the tenants I would give at least 30 days notice of any changes and at that point write up a new lease. Return all security to the tenants for the new term and have them give a new security. Also you may want to make sure the old landlord hands all of the security and deposits to you or make a transfer. If the security changes institutions you may need to notify the tenants.

Posted by Richard W, PA on Monday, July 27, 2015

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