When can apartment owner break lease?

Question

I am very interested in renting a condo in Denver. The problem is that the owner really just wants to sell it, but has been unable to find a buyer. If I were to rent the condo, could he sell it out from under me at any time? Should I be looking for something in the lease regarding this?

Answer 1

Unless there is a specific clause in the lease that allows the owner to unilaterally void the lease, the sale is made subject to the terms of the lease. That is, the new owner acquires the rights (to your rent) & obligations (provide space for a stated time) that the current owner has.

Answer 2

If the property is up for sale, the owner can sell it at any time. The owner is probably looking for a month to month rental agreement or a short term lease.

You can protect yourself by asking for a clause in the lease that states that you have 90 days to vacate the premises after you are notified of the sale of the property. You should have a lawyer read the lease to make sure you are protected.

Are you sure you want to go through the hassles of moving if the owner sells the condo? Are you interested in buying the condo? Then ask for a lease that has a rent to buy option. This means that the owner sets aside a portion of your monthly rent toward a down payment on the condo.

I am curious why you would want to rent a condo you know is going to be sold.

Answer 3

The buyer is legally obligated to honor the lease. You will be able to stay in the property at least through the expiration of the lease. It does not matter if the landlord has an agreement to the contrary with the buyer as you're not a party to that agreement.

What you want to look out for is a lease that contains a clause allowing the owner to cancel the lease if he sells the property. Do NOT sign such a lease! (Such a clause may not even be legal, but watch out for it anyway.)

The other thing to watch out for is an endless stream of potential buyers traipsing through your home at all times of the day. A good lease will limit showings to potential purchasers or tenants to the last 30 - 60 days of the lease. As a practical matter, from personal experience as a landlord wishing to sell an occupied property, most real estate agents will NOT show a property if the tenant is still in it.

It's entirely likely that the landlord will discover as I did that renting out a property that isn't selling can be an extremely lucrative endeavor. The tenants make the mortgage payments and provide a small positive cash flow while the landlord gets a nice, juicy tax write-off. And the landlord gets to keep the eventual gain in the value of the property.

Answer 4

Do not rent this Condo. Yes, if you do rent this condo, he can still sell the property, but the new owner would either have to pay you the remaining amount of rent for the entire remainder of the lease, or keep you as a tenant. This can sound ideal, but once you sign the lease, you will have to show your condo to realtors all the time, you have to keep your house spotless, (not that you may not already but its a pain in the butt), and you have to know that you may be moving at anytime. We just had a tenant who had a two year lease on his home, and the owner decided to sell it. This guy was extremely lucky because since they had to terminate this lease early, the owner had to pay him $50,000 (2 years rent at $2000 a month) to leave the premisies. But since the owner was getting such a high amount for the home, the seller didnt care to spend this money. I would just advise not to get involved with somethign like this. It will just be a pain. But good luck.

Answer 5

There are several options open to you but you need to know from where those options come from.
If an owner of a property has a property for sale and the property also has a lease, then the owner must disclose that lease to any potential buyer to let them know that when the property sells they will inherit the lease and its terms. If the buyer does not want the lease the buyer might ask in the offer to purchase that the lease be terminated prior to them taking the property at closing. Because of this, many sellers do not want to lease their property while they sell. However if they need the money to continue to come in many sellers do lease their property while they are selling and stipulate what conditions can be expected to occur when and if the property sells, as it relates to the renter's rights under the lease.
In my opinion your best "movida" is to offer the seller the opportunity to lease you the property with you having the right to either purchase the property or first right of refusal.

Answer 6

It really depends on local law.

Where I am, if a condo owner does not include specific verbage in the lease as to the unit being a condo and the tenancy being subject to the sale of the unit and a bunch of other things, your tenancy would not be affected by the sale of the unit. They could only get you out by doing a complicated three year notice.

Your best bet is to go see a lawyer who specializes in Landlord/Tenant law and ask them what your rights would be.

Answer 7

The conditions of the lease are defined in the lease, whatever you sign, you agree to. But if you are going to stay in Denver for a while, you should consider buying it. That way, you don't throw your $ away every month, you invest it. If you want to move on, you can rent it out or sell it (after it appreciates). It's gotten a lot easier to buy property these days, you should check into it.

Answer 8

Make an offer to buy it.

Many people mistakenly believe that buying a home is beyond their financial reach. With the myriad mortgage programs available to low-income families and first-time-home buyers, down payments and closing costs are no longer an obstacle.

Speak to the owner to see if he/she can "owner-finance" the condo for you. If they have mortgage on it, they may agree to do this. They may also agree to a "rent-to-own" provision where a portion of your rent applies towards covering you costs at closing.


Good luck!

Will D
Enterprise AL
http://www.notagz.com

Answer 9

you will possibly desire to look over your hire to search out what outcomes you will might desire to pay, as each and each lease is magnificent. i'm on the instant renting an condominium, and that i think of that the penalty for breaking my lease is slightly below what i might pay for 2 months well worth of hire. My suggestion might desire to be to pass with quickly, as you are going to pay extra hire the longer you wait. I additionally propose you to remember waiting different than your latest hire runs out till now than you progression into the apartment you're gazing at, to have the potential to ward off paying any outcomes.

Answer 10

you don't have to look in the lease, she can sell it at any time but she has to give you 1-2 months notice, depending on the standard boilerplate laws regarding dentals in your country.