As the new owner of the home, you are entitled to determine the use of the building. If you want to continue using it as a rental property, you'll need to sign a new lease contract with the renters. . . If, on the other hand, you've decided to use the property for other use, simply notify the renters that, as the new owner, you're cancelling their lease contract, and they have 90 days to move.. . On day 91, the sheriff will be happy to assist them in removing their property from your home.