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Old 05-06-2014, 02:04 PM
 
10 posts, read 10,102 times
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If i purchase an investment property with tenant in place do I need to keep the property manager or can I handle the property myself. Thier is a lease in place but the tenant has agreed to sign new lease with me removing management company and just dealing directly with me on all issues.
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Old 05-06-2014, 02:19 PM
 
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Quote:
Originally Posted by gdproj View Post
If i purchase an investment property with tenant in place do I need to keep the property manager or can I handle the property myself. Thier is a lease in place but the tenant has agreed to sign new lease with me removing management company and just dealing directly with me on all issues.
You have no obligation to the current property manager. You have no contract with them.
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Old 05-06-2014, 07:02 PM
 
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Yes but there is a lease agreement in place with current tenant and current owner. Does the lease carry over when I buy. I want to keep tenant just not property manager who is listed in lease. Tenant will sign new lease with me. I just don't want a lawsuit with current manager
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Old 05-07-2014, 07:08 AM
 
995 posts, read 1,695,426 times
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You are not listed on that lease, so you are not responsible for the information contained within. Just be careful that you do not sign anything at closing indicating a transfer of lease. Let the tenant know that you intend to let them stay, and have them sign a new lease with you after closing.

We purchased a home with a tenant in the guesthouse. The lease did not convey and we had to create a new lease with the tenant.

I'm not a lawyer, but I can't imagine you are responsible for anything in the present lease unless you sign something at the closing indicating that.
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