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MortgageHelp
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Posted: Sun Jul 9th, 2006 03:07 pm |
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| Well, I can only respond to your question about the lease being transferrable. In most instances, it is. However, you need to check the language of the current lease. If nothing is mentioned in the lease agreements at all, then I would approach the tenants to revise their lease and maybe even offer a little incentive (discount on rent for a month, etc.) just to ensure everything complies with your terms.
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robertpan
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Posted: Sun Jun 4th, 2006 02:11 pm |
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Hello,
I am in the process of purchasing a duplex. The Fire Code states, 2 egress, 2 ingress, meaning 2 entrances, and 2 exits.
The second floor has a single entrance-exit so I am not sure how the property is compliant with current Fire Code. Rope ladders are outlawed. Do I assume the property meets the current Fire Code when and if the Occupancy Permit is approved, and would the Occupancy permit state the exitance of the 2 entrances, and 2 exits for the second floor, of would I be required to construct an enclosed second entrance and exit per the current Fire Code requirements.
Also, we have copies of the current leases. Are the current leases under contract between the Seller and exiting tenants remain valid for me, the Buyer, after the closing, and/or can the current leases be transferred via the purchase, or do we have to negotiate new leases with the existing tenants or Seller.
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