Legal Question in Landlord & Tenant Law in California
We are purchasing a home that currently has tenants in it. The contracts are between the owner & the property management company and between the property management company & the tenants. We have been told that the deposit and all paperwork will be given to us at close of escrow. Are we are obligated to adhere to their lease until the 10/31/14 release date. Is this legally binding for us?
We are also purchasing this home on a VA which designates that we must take residency within 59 days.
3 Answers from Attorneys
Yes. You will be bound by the terms if the lease. A seller can only sell you what they own. They can't sell you property free and clear when they have given up the right if occupancy until the end of a lease. If you have to occupy before the lease is up, someone has to buy the tenant out, or you have to try to find a legal way out of the contract.
You are bound to the terms of the lease. You should get an estoppel certificate from the tenants so that you will know the terms of the tenancy prior to closing.
You have a problem if you are supposed to occupy the property. Buyers who take property that is leased to others, take the property subject to the existing lease. In other words, you are simply buying out the previous landlord and are becoming the new landlord.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
