I'm found a condo that I am keen to purchase at east coast area. However I was informed by the agent that the unit is tenanted till next year april and I cannot increase the rent or terminate the contract until april next year.
Is this the common practice? Before when I was renting, the contract states that the landlord or tenant has the right to terminate the contract after fulfilling at least half of the lease and all I had to do was to give 2 months notice.
In such a case, if i buy over the place wouldn't it be a new contract since I am the owner? And shouldn't it be that the current owner is not allowed to sell the place or she has to compensate the current tenant if the new owner wants to move in immediately?
please advise me!
thanks!
gen