Legal Question in Real Estate Law in Illinois

Re: tennant's right's

Yes, it is binding.

Re: tennant's right's

The lease is binding with exactly the same terms as the seller has with the tenant. In fact, if the lease extends beyond 01 June, you would be stuck with the tenant until the lease expires. The purchase agreement should have made some reference to tenant's rights. Otherwise, the seller may be in breach of that agreement since the seller cannot deliver possession to you at closing. I would strongly, STRONGLY suggest that you either do not close until after the tenant has vacated, or escrow a big chunk of money for the purpose of evicting the tenant, if necessary.

Assuming the lease expires on 31 May, or is month to month, if the tenant has not been given notice to vacate by the end of this month, the tenant can legally stay in the property until the end of May. If notice is not given until May, the tenant will have until the end of June.

I know in CA it is unusual to have attorneys represent you in real estate transactions, but that is not the case in IL. Especially in light of your situation, you really should have a real estate attorney represent you in this transaction. If the property is in west central IL, I would be happy to help. If not, I would be happy to refer you to someone.