We live in Suffolk County, Long Island, New York. Our lease is until the end of December, however, the house is on the market for sale. Firstly, I was under the impression that a house can only be put on the market two months before a lease expires; can anyone confirm this? Secondly, if the house does sell in the next month or two, is our lease terminated (and how long would we have to move out)?
Thanks in advance
2007-05-08 12:26:40 · 3 answers · asked by experimental9582 1 in Business & Finance ➔ Renting & Real Estate
The owner can sell when ever they want to to, they are not obligated to own.
You don't need to worry about your lease, it goes along with the sale. It is still binding, just to a differant landlord.
2007-05-08 12:47:43 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Your lease is a binding contract, and will transfer to the next owner of the property. Do not be concerned at this time. However, you may be in for a surprise come December, with either a stiff rent increase or a request to vacate the premises. A house can be placed for sale at any time, regardless of any leases in effect.
I would recommend, if the house sells, contacting the new owner and asking their intentions for your future tenancy. I do not know too many folks who enjoy preparing to move right in the midst of the annual holiday season. Perhaps, with good communication, you can avoid this.
2007-05-08 19:34:03 · answer #2 · answered by acermill 7 · 1⤊ 0⤋
First a property can be sold at any time.
If there are tenants with a lease the new owner has to go by the lease. Then when the lease is up the new owner can raise rents or not renew your lease.
It really depends on what he/she plans to do with the property. With a lease is good until the renewal date which in your case is December.
2007-05-08 20:04:38 · answer #3 · answered by Kim P 2 · 0⤊ 0⤋