[jmbusiness]

I'm an investor and I'm looking to wholesale a property where the owner has a tenant in place; the tenant wants to stay and continue to pay rent.

I want to assign the property to another investor who is looking for rental properties. But how do I go about assigning the property while keeping the rental agreement between the new owner and the tenant in tact?

Does putting the house under contract and assigning it automatically transfer the rights of the landlord? Should I add some sort of clause to my Purchase agreement? Should I used a Quitclaim Deed? If so how do I use that form with Assigning a Contract?

I live in Ohio. Please help!

Thank you

[LisaB4657]

By law the lease should automatically transfer intact from the former landlord to the new landlord when the sale occurs.

As for your involvement, your best bet is to enter into a contract with the current owner and then assign your rights under the contract to the eventual owner. You should make sure that your contract with the current owner includes a clause giving you the right to assign the contract. You shouldn't need a deed at all.

Is the current owner aware that you intend to assign? Is the eventual owner aware that you are not the current owner? If they are not aware then you may have a somewhat sticky situation at closing when you expect to get paid. If possible you should try to get payment when the assignment occurs rather than at the closing but that may be overly optimistic.

I strongly recommend that you get a real estate attorney to represent you.