Hello, 

                                  I’ve got a couple rental properties listed right now so I’ve been getting a lot of calls from potential buyers wanting to purchase the homes that are fully tenanted and move in to one of the units themselves.

This has resulting in me having to explain the rules for evicting a tenant for personal use a few times lately so I figured some people on my email list may also want to know.

If you want to watch the video I posted on this topic you can do so by just clicking the link to my Instagram page in my new fancy signature! : )

Alright here it goes,

If a tenant is on a month to month lease you must give them 60 days notice and the termination date must be at the end of the rental period. So, if you pay on the 1^st day of the month then the termination date must be at the end of the month.

If the tenant is on a fixed lease the termination date cannot be earlier than the last day of the fixed term. Again you must give them 60 days notice.

Example- We are in November the lease goes until the end of April 2024. You purchased a home and are closing on the house in January 2024. You can not move yourself or a family member into that home until May 1, 2024. So you would collect the rents from closing until May 1.

A lot of agents don’t even realize this one. You would be surprised how often I have to explain this to other agents who tell me their client wants to move in on closing.

Also, regardless of either situation you must pay the tenant with one months rent as compensation which is due before the termination date or provide them with another rental unit suitable to them!

A lot of times the tenant has paid a last months rent deposit, so you will just give that back to them and let them have the last month free.

Make sure if you are writing your offer that you have a condition that all pre-paid rents will be transferred to you on closing.

Hope you found this valuable!

If you have any questions about investment properties or landlord tenant rights let me know!