Signed contract to buy house that has tenant
<p>I'm in Virginia. This week, I signed/ratified a purchase contract to buy a house in Virginia that's going to close in 40 days. The house has an existing tenant with a lease with the current owner that will last 120 more days (4 months) from today. The seller's real estate agent forgot to put in a "rent back" clause in the agreement, so the contract says nothing about a tenant / rent back.</p>

<p>Now the seller's agent remembered, and wants me to sign another contract with the rent back. Should I sign? What happens if I don't sign?</p>

<p>Absent any new agreement with the tenant, a purchase is normally subject to any existing lease, so you would be renting to the existing tenant until that lease expires, under its original terms, with you having all the rights and duties under it that the previous owner had. In effect, by signing the purchase agreement, you accepted a version of the original lease with your name in place of the former owner's, but with no other changes. You are entitled to the same rent that the previous owner was entitled to, and must make any repairs or perform any services that the previous owner was required to do.</p>

real-estate