Real Estate

Buying a leased home

The house is for sale and currently leased. What does that mean for the buyer? In Oklahoma, the lease survives the sale of the property. Meaning if you are buying a home that has a tenant in it; I would advise you to request a copy of the lease as part of the purchase offer. If the tenant has several months left on the lease, are they willing to voluntarily nullify the lease early since the seller wants to sell? If not you may want to check with your lender prior to making an offer. Most of the time a loan made to an owner occupant will require the buyer to occupy the property within a minimal time frame after closing. If you are an investor and are planning on keeping the property as a rental, you will want to see a payment history from the current tenant, and move in check list, as well as the lease. If the current tenant is to remain in the property after the sale, a transfer of the deposit money will need to be made. This money is considered the tenants money and is held in escrow should there be damage and should thereby be transferred to the new owners escrow account.
Houses that have tenants currently residing in them can be a little more challenging to see because the realtors and the owners will need to abide by the landlord tenant act giving proper notification for view times and entry.
If you have additional questions, please seek the advise of an experienced realtor such as myself. You may contact me at 405-213-2992 or visit my website at http://www.sandiwalker.com

2 thoughts on “Buying a leased home

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