What happens to tenants during a deed in lieu?

Asked by Oleathea, Ohio Tue May 13, 2008

I have a rental property and in the process of doing a deed in lieu. My tenants want to know what will happen to them? Should they be looking for a place to live? They are all on a momth to month lease.

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Jo Lyman, Agent, Toledo, OH
Thu May 15, 2008
Oleathea, If your tenants are on a month-to-month lease, they should be looking. Since they have no written lease, no tenant rights apply. You may want to get a legal opinion on that from a Real Estate attorney, or you may want to ask your lender what they plan to do once the deed is transferred.
Web Reference:  http://www.jolyman.com
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