Whether you are looking at multi-family properties in Corona or single-family homes in Orange County, there’s a chance you could be faced with the question of existing tenants. Before you put their stuff out on the curb, it’s important to know about the intricacies related to buying a tenant-occupied property.
Existing Leases
When you come across an ideal property in Corona, California that has more than one unit, your first step should be inquiring about existing leases. Any tenants currently on the property with leases still hold a valid contract, even if property ownership changes. That means no changes to terms and no evictions while that agreement is still valid.
What you can do to protect yourself from long-term tenants with leases is check with property owners for clauses that allow for lease termination should the property be sold. That means that all leases are no longer valid once the home changes hands.
Evicting Tenants
You can’t evict a tenant who holds a lease, but you can remove a tenant without one. Typically you’ll need to give them at least 30 days’ notice to find another place to live, and you still cannot remove their possessions or change locks before your agreed period.
Make Vacancy A Condition Of Sale
But what if you’re buying a single-family home in Orange County that is tenant-occupied, but you want to live in it as your primary residence? Make delivering the house vacant a condition for the sale. If the seller is motivated to get rid of the property, they will be the ones responsible for getting tenants out before you take possession.
Help Tenants Find A New Home
If your heart is set on a tenant-occupied property, but those tenants aren’t motivated to move, it can help to offer them money and even your time to find a new place. Offer to cover first and last month’s rent, a security deposit, or even the cost of movers. If tenants don’t feel like they’re going to be homeless once they give up their lease, you have a better chance of getting them to agree to move.
Buying A Tenant-Occupied Property? Here’s What You Need To Know