Indiana Third Party Master Lease Agreement
Description
How to fill out Third Party Master Lease Agreement?
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FAQ
The short answer is yes, you can sell a rental property with tenants in Indiana.
An Indiana lease does not need to be notarized to be valid and enforceable. In fact, notarizing a lease is extremely rare?increasingly so as more and more residential leases are e-signed.
Yes. If you purchase a property with Tenants in place, you are obligated to honor any existing Lease until it ends.
Transfer of interest in leased premises by landlord. Following such transfer, the lease will remain in force and effect and the new landlord and the tenant will generally have the same rights and obligations with respect to each other as did the prior landlord and tenant.
Traditional master leasing is a third-party leasing strategy in which an agency becomes the primary leaseholder and leases individual units, a subset of units in a single building, or all units in an entire building. The agency then subleases to the secondary tenant.
The lease will continue to apply to the subsequent owner if so stated in the lease. Or the lease may require that upon transfer, the lease terminates and the existing owner compensates the tenant per the terms in the lease.
A landlord can't force you to move out before the lease ends, unless you fail to pay the rent or violate another significant term, such as repeatedly throwing large and noisy parties. In these cases, landlords in Indiana must follow specific procedures to end the tenancy.
The landlord must provide you with a rental unit in a safe, clean, and livable condition. These responsibilities include: Comply with health and housing codes. Provide and maintain the following in good and safe working condition (if there at the time you signed your lease):