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January 25, 2008
"No lease" good or bad if you're buying?
A listing description for a house says that a unit within the property "is presently rented for $1,700 monthly with no lease." Does this mean you can ask the tenant to leave? Or does it mean you will have problems getting the tenant out? Is it good or bad? Thank you.
Comments
Its "good". Mens you can evict the tenant with 30 days notice if you choose. Whether or not they move is another story.
Posted by: guest at January 25, 2008 10:37 PM
If no lease, the tenant is a month to month occupant..
First try to research the law on month to month tenancy.
If you understand it the procedure is very simple to evict.
Posted by: Ysabelle at January 26, 2008 10:53 AM
Or, it could be a rent regulated tenant, who doesn't need a lease, because the law protects them just the same without one. Better check carefully.
Posted by: guest at January 27, 2008 12:33 PM
if they have no lease and you would like to get them out, i would suggest that as a criteria for closing that the property be delivered vacant. make the sellers get rid of them! plus, you will find out sooner if the tenants are gonna put up a fight.
Posted by: Jimmy Legs at January 27, 2008 5:15 PM
^ excellent point.
Posted by: guest at January 28, 2008 11:17 AM
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