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Tenant's right to terminate upon sale of property

I have just bought a property with an existing lease. The lease does not contain a clause like your lease clause "Binding of Heirs and Assigns".  In the absence of this clause is the tenant as bound to the current lease terms in the same manner as I am bound as the new Landlord i?
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Yes you are both bound to it as is, you can re-negotiate at the end of a term or come to a mutual agreement. This will work if you want to end or update the lease. You can send a notice that there is a new owner and introduction or if need be buy them out of the rest of their lease. If you are in the city there may be other restrictions or regulations that you may want to watch out for.
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