buying a home that is used as rental property and is currently rented how long do we have to give the current?

March 29th, 2011 | by admin |

buying a home that is used as rental property and is currently rented how long do we have to give the current renters to vacate and who would recieve the rent payments until the renters vacate.Paying in cash with no need to finance is there still a waiting period for the transfer of property to take place?

This all depends on if the tenant has a lease or not. You are legally required to honor any existing lease in most states. If they do not have a lease then you must give them 30 days notice.

  1. 4 Responses to “buying a home that is used as rental property and is currently rented how long do we have to give the current?”

  2. By the kid on Mar 29, 2011 | Reply

    30 days most likely, check local law, doesn’t matter how you pay for it. They pay rent to you from the day you own the place of course.
    References :

  3. By ChoDuffield on Mar 29, 2011 | Reply

    You need to give at least 30 days written notice. In some states, like California, if the tenant has been there longer than 1 year then this must be 60 days written notice. If they have an existing lease then you’ll need to abide by that contract as well.

    Officially, you are owed the rent starting on the day you own the property. You’ll need to work out all this with the current owner though since it doesn’t sound like you want to deal with a tenant at all. If it’s a small amount of money you might be able to just offset the sale price or something.
    References :

  4. By Wildcat on Mar 29, 2011 | Reply

    This all depends on if the tenant has a lease or not. You are legally required to honor any existing lease in most states. If they do not have a lease then you must give them 30 days notice.
    References :
    I’m a property manager.

  5. By Ross on Mar 29, 2011 | Reply

    If the tenants have a lease they can stay there for the remainder of the lease. If there is a clause in the lease that address the issue of the home selling what has to happen will be stated there.

    If there is no lease than it would be considered a month to month lease so a month notice should be sufficient.
    References :
    basic real estate 101

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