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If u buy a townhouse thts for rent and the renters aprove do the people have to move out?

See the people who live in the townhome now dont want to move out but dont they? Or do they have a right to stay if they want to?
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June 29 2013 - Chicago
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I'll add also, you need to find out what you are on hook for in the way of deposits, and if the seller has the move in inspection report. You need to also determine if they own any of the appliances , If they are paying their own utilities,

This is important because the seller is obligated to pass the deposit on to you, but if he doesn't and takes off you are still forced to return it to the tenant and will be out the cash until (or if) you get it out of the previous owner.

You need to also make sure there are no service contracts. The owner may have a contracted with a management company that could be holding the deposit, and that management company may have agreed to provide optional services , like maid, fish tank cleaning, to the tenant, and you would obligated to provide those service listed on the lease.

This is why you need a copy of the lease, the accounting history, the deposit, and the move in inspection report.
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June 30 2013

When you buy a property that is rented, you need to get a copy of the lease during the attorney review time frame so you can see the details. If they are on a month to month lease you need to give them 30 days notice to move out...............but no guarrantee that they will move out.

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June 30 2013
You have to let them stay as long as there lease is able. Once that lease is up, you can have them move out.
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June 29 2013
Normally the property is sold subject to existing leases. That means the renter probably has the right to finish their lease. Find out from the owner when the lease is up. (You should have an experienced realtor or attorney representing you). Also ask the seller if the lease can be terminated before closing. Then determine whether you can buy the property and live with the lease, or make your bid require that the seller resolve the issue (terminate the lease) and deliver the property vacant. Do not contact the tenant without the current owner's permission. You don't want the tenant to be working against you. These issues can many times be resolved amicably but each party does have. Legal rights and obligations.
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June 29 2013
If they have a lease, they have the right to stay til it ends. Some may be willing to move if you offer to give them money as an incentive. Best of luck!
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June 29 2013
 
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