People often ask me “I’m going to buy a piece of property but I think there are tenants in that property. Is that going to be a problem? Can they remain?” The answer is it depends on your contract and that’s why it’s important that an attorney get involved in negotiating that contract. Normally, when a seller transfers title or sells property, he or she is supposed to transfer the property without any tenants in it. However, there are certain circumstances or instances where you might want a tenant to remain for a period of time or perhaps it’s a two-family property. All these circumstances that should be discussed with an attorney prior to your contract being signed.
This informational blog post was brought to you by Marc N. Needelman, an experienced Hartford, Connecticut Real Estate Lawyer.