As a buyer of a foreclosed (REO) commercial property, can I start all new leases with current tenants?

Question

Some of the current tenants of the foreclosed commercial property (I am buying it) changed their lease rate and term (in comparison to the lender's record ones). Thus, can I start all new leases and evict the tenants that don't want to sign the new lease?

Answer 1

Some tenants sign low-price sweetheart deals with the old landlord. But all leases are void if the bank takes possession. If you bought it from the bank you start them all with a fresh slate. If you bought it from the old owner just before the bank got it you are stuck.

Answer 2

Honestly, depends on your state.  Consult a real estate lawyer.  It is a big legal issue that shouldn't be left to our hands.  Use the money you saved on an REO and spend it on a good lawyer.