Your Landlord Is Selling Your Rental Property

//Your Landlord Is Selling Your Rental Property

Your Landlord Is Selling Your Rental Property

Can my landlord put the property that I am renting up for sale? A landlord isn’t prohibited from selling their property while there are tenants with a lease agreement occupying the property. Your lease precedes the sale of the property though, which means that you have the right to remain in your home until the end of your lease. A lot will be depend on the working relationship between you and your landlord. Everything runs more smoothly for everyone involved! If your rental is sold, the new owner has to honor the terms of your lease. If this happens you will have a new landlord. Sometimes, you can negotiate with the present landlord before it gets listed for sale.  You may ask to cancel the lease prematurely and find a new rental once the decision has been made that the property will go onto the market or when the landlord has a ratified contract with the buyers of your rental. Or you may want to purchase the property. This may get you moving in that direction. If you decide to terminate your lease early and it is mutually agreeable between you and your landlord, then maybe you want to negotiate for no penalties if you choose to break the lease agreement. Or maybe you want to negotiate a rent decrease. Of course you should have any of this in writing (if it is mutually agreed upon), on the lease or an addendum to the lease.

If you, the tenant have agreed to open up your home for showings, make sure that you also agree upon terms. Perhaps you want 24 hour notice since you most likely will want to clean up and make the house “show ready”. Also this allows you to approve or not allow a showing depending on your schedule. Ask the landlord and/or the selling agent if there will be any open houses planned. Your privacy is important but it is also a good idea to be accommodating during this time as long as you have agreed to it!

By | 2016-07-14T17:52:31+00:00 April 8th, 2016|Uncategorized|0 Comments

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