Buying a Property with Existing Tenant

[geryclerk]

I am about to buy a multi-family house that has an existing tenant who signed a one year lease. Not knowing the details of the tenant or the lease was signed at that time, I'm nervous for the tenant that I will inherit. Is it possible to modify or revoke the lease when I take possession of the property if I do not feel comfortable with the rent / lease?

 

[JimXCorbett]

Only exceptions are foreclosures, and here, in some states like NJ it prohibits. Generally, the lease is entrusted to you at closing anyway, so you'll get basically leases. If your question is offered to you can see the time leases, or agreement signed prior to PS, it is up to the seller descretion.