Does an existing lease signed with old property owner binds new owner?

[HR Solutions]

SSS if you don't check these kind of things when you buy a property it is partly your fault as well as checking other things as well eg COC electrical, COC electric fence, rates up to date, water acc up to date etc etc.

[SSS100]

COC electrical..OTP clearly states seller to provide
COC electric fence....my Red Barret scared the hell out of anyone, so i save costs
Rates up to date, water acc up to date etc etc...No registration will be done if not up to date, them laywers strick on those things

[HR Solutions]

Oh well SSS you seem to have all the answers, so good luck.
Just by the way - yes COC for eg is for the seller to provide - but it is for you to ensure you get it.

Good luck.

[desA]

SSS100 boldy declared:
I will be visiting the place tomorow..and i will make sure i have my Red Barret

You'll most likely need a good attorney, the way you are blundering into things.

Without having done your homework properly, you're now intending to take it out on your poor tenants. You should be ashamed of yourself!

[Houses4Rent]

Good Luck SSS100. You will need it. If your tenants (they are yours now) know their rights they will take you to the cleaners. Using any direct or indirect form of force will put you deeper into the mess. If that happens it will get ugly, long drawn out and expensive and you will lose by default.
Its certainly not the tenants fault that you, the agent and the seller were fast asleep.

[adrianh]

That guy buys a property and fails to spot that there are already people living there...then he claims that it is not his problem...

May I ask whether you vote cANCer...seems like the kinda excuse they would have!

[AndyD]

[QUOTE=SSS100;110099........and i will make sure i have my Red Barret[/QUOTE]

.....
May I ask whether you vote cANCer

Wrong party Adrian

[cyppokagain]

That guy buys a property and fails to spot that there are already people living there...then he claims that it is not his problem...

May I ask whether you vote cANCer...seems like the kinda excuse they would have!

Perhaps it was a distressed sale.

I can see lots of reasons why one would buy a property sight unseen.

At least here in the states.
It might have been a REO (real estate owned) by a bank and you negotiated a really good deal because it had problems, including tenants.
Perhaps a foreclosed property with lease to third party (which is now protected by state law in quiet a few places http://www.dfs.ny.gov/banking/mfl2009.htm)

Right of Tenants to Remain in Foreclosed Property: The law gives tenants who reside in a foreclosed property the right to remain in occupancy on the same terms and conditions that were in effect at the time of entry of the judgment of foreclosure and sale. The provision, which is in new Section 1305 of RPAPL, applies to persons who, on the date of the foreclosure notice described above under “Foreclosure Notice,” were tenants of a dwelling unit with a written or oral lease agreement, which required the payment of rent that was not substantially less than the fair market rent for the unit at the time the lease was entered into. The tenant will have the right to remain in the dwelling unit for the greater of (a) the remaining term of the lease, or (b) 90 days. However, if a successor owner of the property intends to occupy a single unit of the building as his or her primary residence the successor may terminate the lease for that unit by giving 90 days’ notice. The section also requires a successor in interest of the property to notify the tenants of their rights, as well as the name and address for communication with the new owner. The new provisions do not affect the right of a successor owner to evict the tenant for non-payment of rent under the lease. The provisions do not supersede any protections granted by other law to tenants subject to rent control, rent stabilization, or governmental subsidy.

In nyc/brooklyn etc. residential leases are very tough, especially vis a vis landlord obligations and lots lots lots of tenant rights.

It makes sense sometimes. Yes I know it sounds odd but the risk/reward can be enough of a magnitude to deal with such problems. Just have to know that you need to ask for a lot discount wise.

Just some international color for ya.

[Houses4Rent]

Hi Cyppokagain

Do you have any property related connections in Memphis and Atlanta by any chance whcih is where I consider to buy?

[cyppokagain]

Hi Cyppokagain

Do you have any property related connections in Memphis and Atlanta by any chance whcih is where I consider to buy?

None lol.

But I think you should know the difference between Judicial and Non-Judicial states.

http://www.npr.org/blogs/money/2012/10/22/163412071/foreclosures-are-falling-in-states-where-its-easy-to-foreclose

In New York, it takes an average of about three years for a bank to foreclose on a house.
In Texas, it takes about three months.

Also in the states in some areas they have HOA fees in others they don't and things like Prop 13 in California freeze up the assesment (real estate tax growth rate), something similar also exists in Massachusets also I think prop 2 and a half.

[SSS100]

problem with many folks here is that they think they are so clued up on many things and what they say goes...

cyppokagain, you can teach many of these folks a lot here

[HR Solutions]

problem with many folks here is that they think they are so clued up on many things and what they say goes...

cyppokagain, you can teach many of these folks a lot here

Are you referring to the comments made on this thread ?

[Intothedeepbluesea]

Getting mean with the tenants is way out of line, you relying on the laws of the land to protect you, so are they.
You made a mistake, just work with them to solve the problem, you will probably lose a bit but thats life.

[Houses4Rent]

Thanks cyppokagain
I am aware that there are landlord and tenant friendly states which is one of the reasons why Memphis and Atlanta have been picked.

[neliusmit]

Hi, the principle of ''huur gaat voor koopt'' is applicable. This is common law meaning that the tenant may lease and remain on the premisesuntil the end of his lease agreement. You will unfortunately have to wait until the current lease agreement with the current tenant terminates!