Q: If I purchase an apartment building, do I have to honor any existing lease agreement in effect or can Impose my own.
Im buying a property with tenants that still have several months left in the previous owners lease agreement. Can I void that agreement with my own, or do I have to honor all the parameters of the previous owners lease?
A: As the new owner, you will be required to honor the existing lease agreements. Review the existing lease agreements. They may contain language which will enable you to terminate them early. If they don't, then you will likely be required to honor them until the end of the lease term.
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