Thinking of buying a property with tenants already living in it and planning to move in yourself? Here’s the 2 YES, 1 NO you need to know:
✅ YES #1: If there’s a lease in place, you must wait until it’s month-to-month before you can move in. The lease always takes priority.
✅ YES #2: You can move in earlier if you serve the proper paperwork — specifically, a Form N12. In many cases, landlords also offer “cash for keys” as an incentive to help tenants vacate.
🚫 NO: Don’t lie about moving in just to re-rent at a higher price. That can land you with massive fines — including paying the tenant a year’s rent, covering moving costs, and other penalties.
📌 The takeaway: Always follow the rules, document everything properly, and protect yourself. Doing it by the book is not just the right thing — it’s also the safest way to protect your investment.