Need some advice on buying a house with a tentant

[AngelRain]

What is the name of your state? Tennessee
I hope someone can give me some advice on what to do. In March of this yr I went and looked a house signed a contract to buy this house and was already preapproved for the mortage. Now what the problem is I have been told that the closing date was on the 16th of this month and than they changed it again to the 21st. It is occupied by a renter, if we do the closing on the 21st and the renter isn't out can I take any action to get them to move out? My realtor already said that I could give my thirty day notice were I live and I have to be out of here before the 30th of this month. The sellers has told the real estate agent that the renters would be out on or before the 30th but If I sign the closing papers then the house is legally mine correct? Can I have her removed from the house? Thank you.

 

[HomeGuru]

What is the name of your state? Tennessee
I hope someone can give me some advice on what to do. In March of this yr I went and looked a house signed a contract to buy this house and was already preapproved for the mortage. Now what the problem is I have been told that the closing date was on the 16th of this month and than they changed it again to the 21st. It is occupied by a renter, if we do the closing on the 21st and the renter isn't out can I take any action to get them to move out? My realtor already said that I could give my thirty day notice were I live and I have to be out of here before the 30th of this month. The sellers has told the real estate agent that the renters would be out on or before the 30th but If I sign the closing papers then the house is legally mine correct? Can I have her removed from the house? Thank you.

**A: are you prepared to stay at a hotel or with relatives/friends in the event the tenant is still at the property?

 

[BrokerRE]

No, the purchase of property

does not negate the validity of the lease.

Sale of property that is leased must be sold subject to tenant's rights.

Best advice?

Don't close until it's empty.

 

[HomeGuru]

Writer, did you contract to buy the property with or without the tenants?

 

[AngelRain]

I will have to check into that further, I am thinking that I contracted it with out renters cause thier wasn't anything in the contract about it being rented. Does that make a diffrence. I am very new at all this and this is the first time that I have purchased a home, don't know to much about it an going at it alone no husband just children.Thanks for the information.looking forward to reading more.

 

[JETX]

Lets cut to the chase.....
You purchased a house with tenants. Simply, the minute you close on the property, you inherit the tenants. Be sure to get the following from the current (former?) owner:
1) A copy of the tenant lease.
2) Any security deposit (plus interest if statutory required) paid by the tenants. You will be responsible for refunding it.
3) A copy of the letter from the former owner to his/her tenants advising them that you are the new owner and to send all rent payments to you.

Now, with that out of the way..... how do you go about removing the tenants?? First, you are going to read the lease and see if the tenants still have any time remaining on their lease. If they do, you can't do anything to force them out as long as they are in compliance with the lease. You can certainly offer them money to leave early (basically buy out their lease), but they have no obligation to accept.

If in reviewing the lease, you find that the lease term has expired, that makes them 'at will' month-to-month tenants (if rent is paid monthly). You will then have to go through the entire process of asking them to leave (notice to vacate) and if they refuse, take legal action against them. These processes are regulated by law and you should be familiar with the process of eviction in your state, or you could put yourself in a costly position. Get an attorney if you decide to proceed with an eviction.

As you can easily see, if the tenant doesn't leave willingly, you are going to be in the position of having to spend considerable time and money to get an empty property. Be sure to consider these costs in your decisions.

Go to the following for information on eviction in Tennessee:
http://www.mv.com/ipusers/nhpoa/tnevict.htm

 

[HomeGuru]

I will have to check into that further, I am thinking that I contracted it with out renters cause thier wasn't anything in the contract about it being rented. Does that make a diffrence. I am very new at all this and this is the first time that I have purchased a home, don't know to much about it an going at it alone no husband just children.Thanks for the information.looking forward to reading more.

**A: you're not going at it alone, you have a Realtor...on second thought maybe you are. Talk to your Realtor and answer my question previously posted..

 

[AngelRain]

Okay called my agent and she said that I contracted with out renters and assured me that the lady liveing thier would be out by the 29 or the 30. I suggested to her that we get some written and signed statements from the owners and the renter that she is moving out on such and such date. What does every one else think?
The only problem that I have is buying this house and her still in it and having to worry about getting her out if she don't move within the given time frame. Thanks to everyone who has answered so far.

 

[HomeGuru]

Okay called my agent and she said that I contracted with out renters and assured me that the lady liveing thier would be out by the 29 or the 30. I suggested to her that we get some written and signed statements from the owners and the renter that she is moving out on such and such date. What does every one else think?
The only problem that I have is buying this house and her still in it and having to worry about getting her out if she don't move within the given time frame. Thanks to everyone who has answered so far.

**A: good idea. The agreement should state that the Seller will pay to Buyer $500 per day for each day that the tenants remain at the property after May 30th. $10,000 will be held back in escrow from the Seller's proceeds for this purpose etc.