Home Buying in Los Angeles>Question Details

Greg, Home Buyer in Los Angeles, CA

how can I reassign the lease on the REO property from previouse owner to myself.?

Asked by Greg, Los Angeles, CA Fri May 11, 2012

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You might find that with the Tenant Rights Bill that Obama drove through, that the remainded of the old lease is vested upon the new owner; it may be cancelled or modified only with the consesus of both parties. For this reason, a Tenant cannot be evicted just because the house went thru Foreclosure.
This is really a LEGAL issue and Realtors do not give legal advice:
Have you discussed the possibility of a new lease with your tenant? Wouldn't that be simpler?
0 votes Thank Flag Link Sat May 12, 2012
The current lease expired with the exchange of ownership. If you do not have an agent, or if an agent helped you purchase this REO property they are qualified to provide the necessary forms and a new lease for your tenant to sign.

It is up to you as the new owner to maintain the remaining lease period or to negotiate new terms with the tenant. You do not want to lock yourself into a lease that might be old, too low a price and does not take into consideration your investment costs. If for instance there is 6 months remaining on the lease you might consider keeping the price pr month as a courtesy to the tenant, especially if they have been tenants for several years and then extend the lease for an additional year or two at a new rent amount.
You will of course be obligated to pay a commission to that agent.
0 votes Thank Flag Link Sat May 12, 2012
You need a new lease contract with the tenant, even if the only change is owner/landlord name and where to send the rent check. Your agent that helped you make the purchase can easily send you all the forms you need for your new rental property. I extend that service to all my investors who buy rentals from me.
0 votes Thank Flag Link Sat May 12, 2012
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