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New property

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.

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.
You as the new owner cannot modify their lease without the tenant’s consent. You cannot kick them out, raise rent and you will want to honor the clauses of their current lease. The lease will stay in place. Make sure you have copies of all current agreements. Good luck!
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