Escrowq, Home Buyer in North Hollywood, CA

If escrow closes in less than 30 days and owner has to give the tenants 60 days notice, what happens then?

Asked by Escrowq, North Hollywood, CA Thu Mar 17, 2011

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3
Kenny Tan’s answer
This issue is usually addressed in your purchase contract - assuming you've signed a standard CAR agreement. Unless otherwise agreed to by the seller, it is usually the buyer's responsibility in dealing with the tenants. The buyer can always allow the escrow to close in 30 days, delay moving in for 30 days, and become a landlord for a month. The tenant would still have to pay you rent during this 30 days. It now becomes your responsibility to deal with the tenants. If the tenants fails to pay rent or move at the end of the termination notice, you can hire an eviction attorney to evict him.
0 votes Thank Flag Link Thu Mar 17, 2011
The new owner is responsible for allowing the tenants to stay the additional 30 days. The lease terms should remain in force after the sale and require the new owner to abide by those terms.

Another option is to offer the tenant an incentive bonus or 'cash for key' to move-out earlier than the 60 days.

Check with the terms of the lease and the purchase contract as well as the local landlord / tenant laws.
Web Reference: http://www.jameswehner.com
0 votes Thank Flag Link Thu Mar 17, 2011
Hello Escrowq,

This matter will have to be spelled out in the Residential Purchase Agreement and agreed to by both Buyer and Seller. Consult with your Agent to determine how your offer should be written to satisfy both Buyer & Seller as well as to conform with Local & State rental/tenant laws. Good luck!

Matt
0 votes Thank Flag Link Thu Mar 17, 2011
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