Assumable lease.

Can I require a purchaser to honor an existing lease?  Would it be necessary to include protecting language in the current lease to ensure that the tenants are retained for the remainder of the lease?
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November 16 2012 - Whitehall
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Answers (1)

Profile picture for Honesty Sells
If the buyer is planning on using the property as his/her primary I believe he may give 90 days no matter the length of the lease.

If he/she were purchasing for investment purposes the lease would generally need to be kept as is.

Each state has its own landlord and tenant rules and as such your particular states rules would need to be applied.
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November 17 2012
 
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Assumable lease.
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