The owner of my rental home (through an agency) called me yesterday and told me he is selling our house. We are only 5 months into our year long lease. What rights do we have, if any?
2006-07-14 03:10:25 · 12 answers · asked by janell b 1 in Business & Finance ➔ Renting & Real Estate
You will have the right to possession through the end of your term. The buyer takes subject to your lease. You should have the lease recorded at the courthouse; that will put the buyer on notice and probably kill the deal.
2006-07-14 03:13:17 · answer #1 · answered by LoneStar 6 · 0⤊ 0⤋
Go back and review your lease agreement. Unless there is a provision in the lease that allows the owner to terminate the lease early because he or she is selling the home, then you are within your legal right to remain in the house until the term of the lease expires. If there is a provision in the lease that allows the owner to terminate early for that reason, the lease also has to specify the amount of advance notice he or she has to give you. That time period varies from state to state. When I lived in Alabama, they were required by law to give you 60 days' notice.
2006-07-14 03:16:26 · answer #2 · answered by sarge927 7 · 0⤊ 0⤋
Before you do anything, ask your owner if the property will be used by the new buyer as a rental or if they plan on using the property themselves. It may be something as simple as trasferring the lease to the new owner.
If they don't know, see if you can approach the realtor and ask the same question. This will make all the difference if you need to take some form of legal action or not.
Good luck :)
2006-07-14 03:21:41 · answer #3 · answered by Christine 3 · 0⤊ 0⤋
You have the right to remain in your home at least through the expiration of your lease. The sale of the property has no affect on your lease at all. The new owner is bound by its terms.
2006-07-14 03:53:23 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋
UNless there is a clause in your lease (which you need to re-read carefully) you have the right to the property until the end of your lease term. The owner will be able to sell the property, but you will be able to continue to live their under your lease, you will just have a new landlord.
2006-07-14 03:24:15 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Read the lease and see if he has any exclusions in it about the sale of the home. If he does, your S.O.L. if he doesn't you may have to take legal action to postpone the sale until you find another place to live or until your lease is up.
Be warned that if you do press the lease issue, he may make the rest of your lease time a living he**. See if you can arrange a month to find other living arrangements. He can negotiate that with the buyer because he can set when they take occupancy.
2006-07-14 03:15:44 · answer #6 · answered by Anonymous · 0⤊ 0⤋
you should be able to stay the year unless there is a clause in the lease that states anything about them selling other wise the landlord might be able to buy you out of the lease like reimbursing you for the remaining 7 months
2006-07-14 03:16:52 · answer #7 · answered by unhappyinin 4 · 0⤊ 0⤋
None really, you are renting. Check your lease should spell out whether the owner has the right to sell and thereby terminating the lease.
2006-07-14 03:14:30 · answer #8 · answered by thunder2sys 7 · 0⤊ 0⤋
read the contract. If it does not mention pre-mature lease termination is allowed, owner should pay you rent for the remaining part of your lease.
2006-07-14 03:13:56 · answer #9 · answered by Dr Dee 7 · 0⤊ 0⤋
you should consult with an attorney regarding your state's laws.
typically, even if the home is sold, they have to honor your lease thru the end date!
hope this helps!
2006-07-14 03:26:12 · answer #10 · answered by thetoothfairyiscreepy 4 · 0⤊ 0⤋