Q: I'm thinking of buying the property that I currently rent. It us a multi family unit w/ month to month lease.
I would like to remodel it into a single family home. Am I allowed to terminate the lease of the 2nd family after my loan is approved? Since it is an FHA 203k loan what are my options during the COVID-19 pandemic?
A: The lease is a binding contract. You need to review that lease carefully for its termination provisions, and then you need to check both state and local landlord-tenant law about tenant rights. There are three specific areas to research: 1) whether the tenant has a right to holdover, which often exists in local L&T law; 2) what type of notice is required for termination; and 3) whether the COVID crisis changes any of that for your jurisdiction. While this is much less of a problem for landlords in Virginia, it is often wise to buy out the tenant in something commonly called "cash for keys."
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