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Old 02-16-2012, 03:18 PM
 
74 posts, read 120,794 times
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Default What does "Possession is subject to tenants rights" mean?

I'm buying this house with tenants occupied. Possession is subject to tenants rights is one of the terms in the counter offer contract from the seller. What exactly does it involve? My Agent said it would mean I have to evict the tenants at my own cost but I would like more info.

Thanks,
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Old 02-16-2012, 03:25 PM
 
Location: Lakewood Ranch, FL
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I'm not an attorney but it sounds to me like you would have to wait until the tenant's lease is over before you could move in.
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Old 02-16-2012, 03:27 PM
 
Location: Mountain Ranch, CA The heart of Calaveras County
5,930 posts, read 10,476,414 times
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You would be buying the property and must honor any lease or rental agreement between the current owner and the tenants. If they have a lease, the owner should transfer to you (or credit you) any deposits he holds before closing.

If you're planning on occupying the property you must follow your local laws to non-renew or evict the tenants at the end of their legal occupancy.
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Old 02-16-2012, 03:57 PM
 
74 posts, read 120,794 times
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Quote:
Originally Posted by DMenscha View Post
You would be buying the property and must honor any lease or rental agreement between the current owner and the tenants. If they have a lease, the owner should transfer to you (or credit you) any deposits he holds before closing.

If you're planning on occupying the property you must follow your local laws to non-renew or evict the tenants at the end of their legal occupancy.
Thanks for the explanation. They are M-M tenants. I'd like to take the top floor back to live. What would need to happen if the tenants on that floor does not want to move out at the end of the month?
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Old 02-16-2012, 04:20 PM
 
Location: Tempe, Arizona
4,511 posts, read 6,793,289 times
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Quote:
Originally Posted by macno0b View Post
Thanks for the explanation. They are M-M tenants. I'd like to take the top floor back to live. What would need to happen if the tenants on that floor does not want to move out at the end of the month?
Assuming you give them a proper termination notice and they don't leave as of the deadline, then you would follow the eviction rules of your state. Try googling "landlord tenant laws <your state>".
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Old 02-16-2012, 05:11 PM
 
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I'm assuming your city does not have rent or eviction control like NYC, LA, Oakland, or SF. If you're in one of these cities with rent control, you must follow the rent control restriction when trying to remove a tenant.

.
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Old 02-16-2012, 06:20 PM
 
Location: Mountain Ranch, CA The heart of Calaveras County
5,930 posts, read 10,476,414 times
Reputation: 4564
Quote:
Originally Posted by rjrcm View Post
Assuming you give them a proper termination notice and they don't leave as of the deadline, then you would follow the eviction rules of your state. Try googling "landlord tenant laws <your state>".
Yep. What he said.
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