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Tenant Has a Lease |
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we bought a home in the state of wisconsin with a in-law apt with hopes of putting a family member there and the seller resigned the lease with the current renter. do we have to honor that lease? |
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When you say the seller "resigned" the lease, that could be taken two different ways. Did the seller resign in the sense of giving up? So that everyone agreed the lease was dead? Doesn't seem so, from the rest of your question. So if the seller re-signed, renewed the lease, then yes. When you buy property you take it with all the claims against it (unpaid back taxes, for instance) and a lease is a valid claim against it. You have the same obligations to the tenant as the former owner did, including, by the way, eventual return of a security deposit. I hope, at the closing, you received credit for the deposit you will have to return some day.
The seller had an obligation to inform you about the length of that lease. If you want to make a fuss about it, talk with your own lawyer. |
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Edith
Originally published on July 2, 2008 |
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