Q: I'm purchasing a property that requires owner occupancy, but property has 2 tenants with leases until next year.
I'm purchasing a property that requires owner occupancy, but property has 2 tenants with leases until next year. I have 60 days to owner occupy. How can I legally occupy the home within 60 days when the tenants have contracts in place?
A: Read the leases; there is a small chance they may contain an early termination clause in the case of a sale of the property. If not, you can attempt to negotiate a buyout.
A:
Dear Owner Occupier: if you are certain that physical occupancy is required (which seems the case), then what we have done on behalf of owners in several similar instances is to negotiate a "buy out" the leases, whereby we explain your situation to the tenants ask them to consider our offer of a financial buy out of their lease, in this instance conditioned upon their move-out within the next 50 or 55 days.
JIM GREER is an attorney licensed to practice in CA and CO and has specialized in real estate matters for the past 30 years; nothing herein shall be construed as the offering of legal advice insofar as Mr. Greer is not in an attorney-client capacity with the inquiring party. 858.481.9006
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