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Old 03-24-2012, 03:46 PM
 
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I've seen some listings that say there is a tenant already in place and it says "tenant rights". What does this mean when you buy the home? Does it mean you have to let them live there until their lease expires, or do you just have to give them a month or two notice?
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Old 03-24-2012, 05:48 PM
 
Location: Cave Creek, AZ USA
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Pretty sure lease has to be honored.
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Old 03-24-2012, 08:30 PM
 
Location: Rural Michigan
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The lease has to be honored, or you have to come to a mutually agreeable deal with them. It might not be a big deal if the tenant is month-to-month.
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Old 03-24-2012, 09:19 PM
 
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A lot of the homes in Phoenix are purchased as rentals, hoping to hold them a few years and make a big profit when sold. By advertising tenant is already in place, the sellers and their agents are telling potential investor buyers that there is a tenant and they have them in place when the new owner takes over the rental house. The home is being promoted for investors, not for a live in owner.
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Old 03-24-2012, 10:05 PM
 
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Thanks! I'm going to live in the home I buy, so I'll cross these off the list unless it's a month-to-month lease.
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Old 03-25-2012, 03:45 PM
 
Location: Gilbert - Val Vista Lakes
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Quote:
Originally Posted by tnp View Post
I've seen some listings that say there is a tenant already in place and it says "tenant rights". What does this mean when you buy the home? Does it mean you have to let them live there until their lease expires, or do you just have to give them a month or two notice?
The term "tenants rights" in a listing is normally referring to the fact that the tenant has the right to a 48 hour notice to show the home. Many tenants are very cooperative and will show the home with much less notice. The listing will show the amount of notice the tenant needs.

It is also saying that the buyers agent should not show up at the house unannounced, without an appointment, because of the "tenants rights".

If there is a lease in place, and the home is sold, the buyer must honor the lease. Therefore, an owner who intends to occupy must have it in the contract that the tenant will be vacated no later than 5 days prior to close of escrow.

That puts the onus on the seller to get the tenant out prior to the time you do the final walk through. (They can only do this if it's a month to month lease). But you still need that clause so the seller will be responsible for getting the tenant out. You don't want that job.
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Old 03-25-2012, 05:35 PM
 
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Thanks, Bill.
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Old 03-25-2012, 05:49 PM
 
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If you are planning on living in the home, sometimes the owner will buy the tenant out of the lease to vacate the home prior to closing. It may take a couple thousand dollars or even more, to get the tenant willing to move if there is an actual lease.
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