Notifying tenants of new owner

We’re closing on a place next week and have 2 tenants in the building. I understand we need to provide them with a letter saying we are the new owners and all future rent payments should be made to us, etc. Is there anything else we need to inform them of? Also, one of the tenants is on a month-to-month, but we will sign a lease with them if they want to stay. Should info regarding this be in that initial letter, or give it a week or two?

Guest User | 13 years and 10 months ago

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donatella | 13 years and 10 months ago

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Send the letter and then set up a meeting to meet with both tenants after you get a little bit settled.  Make sure you have correct information on the security they have paid and that you put that into the new lease.  Make sure that you get all information about the month to month tenant — i.e. job, ss# etc. so that you have all that in case there is ever an issue with rent payment.  It is important to get to know them a little.  They are probably a little nervous; maybe you are too – many new owners are a little nervous about dealing with tenants.  Good luck.