Selling Building : ezLandlordForms

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Selling Building

Richard C

started a topic almost 6 years ago

Hi Everyone, I'm selling one of my buildings to a couple who are also the upstairs tenants. I'm looking for suggestions about how the lease I have with the downstairs tenant should be addressed. They are, rightfully so, concerned about what could be a tenuous. situation for them. They are responsible tenants and the upstairs tenants/buyers get along with them great. They've assured the downstairs tenants and me that they have no intentions of giving them a notice to quit. The tenants downstairs have a one year residential lease agreement with me that ends on April 30th then converts to month to month. Not to make things more complicated but the downstairs tenants have a baby and need more space. I'm recommending that the two parties start over with a new lease which begins on, say, Dec. 1st. That it is structured for a month to month that will give the downstairs tenants some flexibility. And that I return the security deposit to the downstairs tenants. Then when they sign a new lease with the new owners they can apply that security deposit toward their new tenancy arrangement. Any feedback would be greatly appreciated. Richard

1 Comment

Matthew M

said almost 6 years ago

Hello and welcome to the forum. Easy, peasy answer. Once you sell, you have NO control over what happens. Some states require that the terms of the existing lease be honored while other states don't. Tell the lower's that that's a very easy Google.