rental lease can be either a "Tenant-at-Will lease" which means that you or the tenant have 30 day period prior to the next rental payment to provide a 15 day notice to Quit. You can request on the 15 day notice quit that you want the unit for personal use. I would also recommend that in the Purchase & Sales agreement that you stipulate that you want the unit free and clear of all tenants prior to closing. It would be best for you to consult with a qualified real estate attorney to review your situation. I wrote a common sense guide titled,"Mastering Property Management skills: Your Key$ to positive cash Flow". This guide is available to purchase on my web site at=> http://www.BrianJCodyauthor.com or at=> http://www.Amazon.com
It really depends on how the property is being rented. Is it a month-to-month, or a lease? A lease has a definite start and ending date, just like any other contract. Because a lease is property-specific, it takes priority over the sale. In that case, the new buyer could have the option of negotiating a buy-out, or just wait until the lease expires, and not renewed. If a person intends to purchase property and live in it, they should be aware of that fact. Hopefully all parties will be able to come up with a fair and equitable solution.
Melinda Elmer - Realtor