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Hi all,

My parents gifted me a rental property that currently has tenants living in it. They are on a month-to-month contract with my parents (the previous landlords) and I wish to continue this month-to-month contract with them. My parents did not tell the tenants that the property was sold to me. I was wondering how to most appropriately inform the tenants that I am their new landlord.

1) Can I just e-mail them and tell them that:
a) I am their new landlord that has replaced my parents (their former landlord)
b) Their current month-to-month contract will continue as is
- The only difference is that I am the new landlord and rental payments will be paid to me instead
c) No new contract needs to be drafted since:
- The e-mail will be sufficient enough to show that the tenants have been informed of this change
- All aspects of their original contract still hold true except that they have a new landlord
OR:
2) Do I have to draft a new month-to-month contract with them and have both parties sign the new month-to-month rental agreement, even though the only change is that I am their new landlord?

Any help or guidance is greatly appreciated.

Thank you!
 

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Assuming the property transfer was legally done by registering new title, you should draft a new lease agreement with you as the new landlord and present it to the tenants together with your parents. They might know who you are, however, they can't simply take your word that you are the new landlord. The previous owner should inform them.
 

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Your parents will need to notify them of the change of ownership so they can start paying the rent to you. If it is a month to month rental with no lease, you do not need to change anything although a lease may be a good idea.

If they paid first and last month's rent your parents will have to give you the LMR because you will be responsible when they leave. You are also responsible to pay interest on this money every year.
 
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