 Buying a New Property (by Roxie [SD]) Feb 20, 2013 2:46 PM
 Buying a New Property (by Rick [IN]) Feb 20, 2013 3:38 PM
Buying a New Property (by Roxie [SD]) Feb 20, 2013 3:55 PM
Buying a New Property (by V [OH]) Feb 21, 2013 7:31 AM
Buying a New Property (by Mike [TN]) Feb 21, 2013 7:42 AM
Buying a New Property (by Roxie [SD]) Posted on: Feb 20, 2013 2:46 PM
Message:
State Specific Question About: SOUTH DAKOTA (SD)
I'm in process of buying a new rental property, that has a tenant in it with a signed lease till 06/30/2013, if I close prior to that date what form do I need to fill out to have the lease go into my name, not the previous owners name? --216.16.xxx.x |
Buying a New Property (by Rick [IN]) Posted on: Feb 20, 2013 3:38 PM
Message:
Roxie,
I would first check with South Dakota's LL/Tenant laws and see if they have anything to say about this. You can view this via this site.
Usually the date of the sale is when the tenant's lease becomes your lease.
Out of curiosity, is this property in an oil boom area? --64.12.xxx.xx |
Buying a New Property (by Roxie [SD]) Posted on: Feb 20, 2013 3:55 PM
Message:
Thanks Rick, No its not in an oil boom area, I wish it was, property in those areas are very hard to come by. --216.16.xxx.x |
Buying a New Property (by V [OH]) Posted on: Feb 21, 2013 7:31 AM
Message:
Part of your diligence at purchase is to determine how much deposit and did it transfer to you, how much is the rent? It seems you have knowledge of the lease, have the seller provide written copy so you can understand when and how much to collect, and base your accounting statement on when this tenant decides to move on. --208.90.xx.xx |
Buying a New Property (by Mike [TN]) Posted on: Feb 21, 2013 7:42 AM
Message:
It really depends on the state laws. In TN, the lease is automatically transferred to the new owner. You cannot terminate the lease. The only way you can do is after the purchase, offer them a new lease. If not, the old lease is as good as in your name.
Check for few things:
1. Deposit, the previous owner should give it to you.
2. Review the lease, ask for a copy and pay attention to the auto renew part. You can switch to a new lease at renewal time if you give them proper notice.
3. If you have to, ask the tenant to sign an Estople that stating the lease term are correct. --198.51.xxx.xxx |
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