Buying or Selling a Home/Buying a home with current tennants
Expert: Karyn Foley - 9/16/2004
QuestionI made an offer on a condo that has current tennants. I am purchasing the home as my residence - not a rental property. The place needs a lot of work and I need the tennants to be out by closing. If they don't move (not that I got any indication that they are - although it is obvious that they have no regard for the place) what will happen?
This is my first bid on a property and I don't want my inexperience to hurt me. I have to vacate my apartment with 60 days notice, so they have to leave. Plus, I don't want them in the home once I purchase it.
Thank you so much for your help.
AnswerDear Jennifer:
You have excellent and important questions! Please check your contract, as many real estate contracts have a clause that states how far in advance of the closing dates tenants have to vacate. If not, make certain that one is introduced immediately and signed by all principals to the transaction. You should absolutely make certain that the tenants have vacated the premises and that all, I mean all, of their possessions are gone as well before you put down any of your down payment. This should be accomplished about five days before your final money is due and before the home is to close. Check your city laws and regulations, as all cities have requirements with reference to how much notice a tenant must legally receive before you can ask them to leave. Then make certain this notice is delivered and signed for. You can hand deliver it along with a mailed copy, registered or certified mail, whichever requires their signature to let you know that it has been received. If you hand carry it, ask them to please OK your copy acknowledging that it has been deliver and received. Then, start sending them a 30 days notice the same way, and follow up with reminders so there is no way they can pretend they do not know what is expected of them. There are also local laws stating how you have to dispose of anything that may be left over. It can be either a joy or a complete nightmare, but do not allow yourself to be put in a position of the nightmare. Enlist the help of your agent, or if you become worried or see unsettling signs, contact a real estate attorney to support your position. Again, do not allow yourself to close without this situation being resolved completely.
Check also with their present landlord and again the local laws with reference to how the tenants' security deposit is being handled. Damages and unpaid rent, should be deducted by the existing landlord. Normal wear and tear are usually not anything for which there can be any deduction from the security deposit. This is something the landlord should handle, and, again there are laws explaining just exactly how it must be handled and the time frame. This should not be your problem, and do not again allow yourself for it to become your problem.
Good luck with the situation, and with your purchase. Lots of happiness in your new home, and let me know how things progress and if I can help you with anything else.
KARYN FOLEY