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Permalink Reply by Smitty on March 27, 2011 at 1:51pm

This should have been stipulated in your purchase contract.  My P&S's state "free and clear of all tenants" and if this stipulation isn't met, we don't close.  Did you do a walk through before closing?  If you closed and the tenant is in there it now becomes your problem. You'll need to review the laws in your state for eviction.  In my state, if the tenant remains on property after short sale or foreclosure and they are section 8, they have rights to stay.  Non section 8 in my state would then need to be formally evicted 

 

Again the deposits (should your P&S stipulate you're keeping a tenant) should have been spelled out in the contract.  I would assume if they didn't transfer deposits over to you the tenant has a right to file against the previous owner.

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Permalink Reply by Bryant Tutas on March 27, 2011 at 2:09pm

Yes the lease is still in place and would need to be honored by the new owner. The deposits and advance rents should be handled on the closing statement and go to the new owner.

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