Home Buying in 54914>Question Details

Mariahervin, Home Buyer in 54914

I am a first time home buyer. Tenants currently occupy the house I'm planning to buy.

Asked by Mariahervin, 54914 Mon Jun 22, 2009

The signed accepted offer stipulates that the ttenanents are out by 6/28. Tenants have a one year lease. This property will be my main residence. What happens if they are not out prior to closing?? What are my rights? What are theirs?

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5
Ken Langenhahn’s answer
The short answer is the lease runs with the property. This means they have the right to live there, through the end of their lease. I would consult a laweyer to explore all of you options. If you have other questions give me a call at 920-993-4032 I would be happy to help if I can.
0 votes Thank Flag Link Sat Aug 29, 2009
Thanks for your answers!

Additional info: The accepted offer that was signed by both parties (on May 8th) stipulates that the tenants would be out by 6/28. This would be to allow time for a final walk-through prior to closing on June 30th. When we went for the home inspection on May 11th I spoke with the tenants and they were the ones who told me they had a one year lease....clearly not expiring this spring or summer. I assumed that a month and a half would be plenty of time for them to find a new place and move. However, it is one week away from closing and they don't look like they're going anywhere. There is one mom and 8 or 9 children living in the property...ages 5-25, so its pretty easy to tell if they're moving just driving by the house.

--Mariah Ervin
0 votes Thank Flag Link Tue Jun 23, 2009
I'm surprised your agent didn't inform you of the tenant's rights, and recommend that you schedule the closing AFTER the tenants were gone from the property. The other posters here are right, the lease is a legal document attached to the property itself regardless of who the owner is, and has to be honored.

I'm a little confused over the time frame. The offer stipulates that the tenants are out by 6/28, but they have a one year lease. Is the lease up by 6/28, or did the current owner just say they would be gone without specifying how/why. If so, the current owner could have some legal liability, and you should definitely check with a lawyer.
0 votes Thank Flag Link Mon Jun 22, 2009
The lease runs with the property. Meaning they have the right to live there, through the end of their lease, even if it is sold to a new owner. If you hae any other questions please contact me @ Jaslin@coldwellhomes.com. I am a local agent @ 1050 N. Lynndale Dr.
0 votes Thank Flag Link Mon Jun 22, 2009
Usually a lease survives the closing. This could be a problem for you if they do not move out. I would say the tenants would have more rights than you do becuase they have a valid lease. You may want to talk to an attorney about options you may have.
Web Reference: http://www.lennyfrolov.com
0 votes Thank Flag Link Mon Jun 22, 2009
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