That is probably all covered in the language of your purchase contract. If no agent was involved, you should consult with your attorney to explain the legalities of the lease agreement. Congratulations on acquiring a unit.
Georgina M. Hunter
That's a tricky one. You have to consult the attorney for your AOAO. The lease is not with you, it is with the previous owner, and presumably it was foreclosed on. Since the lease is "in limbo" the question is - who owns the lease? Your management company can guide you on this, that's part of their job.
I would think the renters would have a legal status, since the lease was valid, however, the homeowner is no longer the homeowner. I would have thought the people leasing would have to leave when the home changed hands. Have you asked them to pay you the rent? Who are they paying now?
Write back when you get an answer. That's definitely an attorney question.