Real Estate dominates the economy in South Florida. As a result, people are always buying and selling homes. Many times people will purchase a property that already has a Tenant living in it. While most people think that the Tenant has to leave, unfortunately that is not the case. If you purchased a Property with Tenants in Broward or Palm Beach County, contact the Law Office of Brian P. Kowal, PA today.
Can I Evict a Tenant living in the Property I just bought? After someone purchases a property, they should always determine if there is a Tenant already living in it. If they discover that a Tenant is living in the property, they need to find out whether there is an existing lease with the prior owner. This enables the new owner to determine if they need to continue the terms of the lease. Regardless of the type of lease, they must contact the Tenant informing them that they are the new owner. Once they contact them, they need to provide them a Tenant Estoppel Form.
A Tenant Estoppel Form is a document signed by the Tenant stating the terms of the lease including the amount they pay monthly and any deposits given to the prior Owner. Deposits generally include first and last month’s rent as well as a Security Deposit. If there is an existing lease agreement, the new owner must be continue the terms. However, if a lease agreement was never signed with the prior owner, the Tenant will have a month-to-month lease with the new owner. As a result, if the new owner determines that they want to terminate the Tenancy, they simply need to give the Tenant 15 days notice prior to the beginning of the next rental period that the lease is terminated. If the Tenant fails to leave after the termination date, they become a Holdover Tenant.
If you recently purchased a Property with Tenants in Broward or Palm Beach County, contact the Law Office of Brian P. Kowal, PA at (954) 990-7552.