Tenancy Agreement Previous Owner and Renewing Question

General Discussion

I recently acquired a block of apartments, and I have encountered a situation with four existing tenancies, wherein four tenants are on periodic agreements. While three of the tenants are amenable to renewing onto a new agreement, one tenant prefers to continue under a periodic tenancy and is reluctant to sign a new agreement.

My legal concern revolves around the existing periodic tenancies, which are still in the name of the previous property owner. I would greatly appreciate insights and guidance from fellow landlords and legal experts in the group on the following:

1. Legal Implications: What are the legal implications of having periodic tenancies in the old owner's name, especially when one tenant wishes to continue under this arrangement without signing a new agreement?

2. Ownership Transition: How does the transition of ownership impact the existing tenancy agreements, especially considering the change in the property owner's name?

Thank you in advance.

Joe