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Purchasing occupied duplexes

We're looking to purchase a duplex and intend to occupy one of the units while renting the other. However, most of the duplexes we are finding are currently occupied. Are we under any obligation to honor the current lease agreement? Also, if we do continue with one of the same tenants can we make lease agreement and rental changes or would we need to wait until their lease is up?
  • April 30 2009 - Central Davis
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Answers (3)

Each state is different..but I am pretty sure most follow the same guidelines in terms of existing lease term. As you mentioned if there is a lease on the property you have to honor and cannot modify the terms or the monthly rental on the property. You can find out the leasing period from the listing agent.
  • April 30 2009
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Ritu is correct. Depending on the laws in your state, the lease generally follows the property and not the owner, past or present.

What a friend of mine did when he sold his duplex and the new owner wanted to occupy one of the units, the new owner paid the existing tenant to move.
  • April 30 2009
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in Southern Cal.. a lease is a lease... the new owner must honor the lease... now that doesn't mean that you can't try to 'buy' the lease out... and get the tenant to move... find a way to think outside the box.. put into the purchase agreement what you want to have happen and see where things are... also check with your lender and find out how long you have from the funding to occupy that property... if you are buying owner occupied and do not occupy you are in breach... get your ducks lined up first... get a good agent to help you through the process...

good luck
  • May 01 2009
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