I can understand selling a year or so later. But if a landlord rents to someone, and then shows the place within weeks after you've moved in, most likely they had plans to sale whne you moved in. So, how did you respond? Did you ask the landlord why they weren't upfront, and didn't bother to let you know until weeks before having to show the place, or did you know until they had to sale the place, or did you not say any more than necessary?
2007-07-26 10:58:51 · 6 answers · asked by Dirizo 1 in Business & Finance ➔ Renting & Real Estate
To BusinessMom: For most people YES, it would have made a HUGE difference. Who wants to move into a place, and have to move out within months, because new owners want to move in? What about people with children, looking for specific school districts? Their should be a law, that if a landlord plans to sale within six months or so, they should inform renters.
2007-07-26 11:12:09 · update #1
P.S. This would be a sale to new owners who want to MOVE IN the place, not purchase the rental as income.
2007-07-26 11:12:43 · update #2
As a landlord and real estate investor the only advice I can give in your situation is, if you signed a lease, the new owner basically bought your lease and has to abide by it. Even if you are on a month to month lease, the new owner would still have to give you a 30 day notice to vacate.
As far as changing the law, it would never work, simply because even landlords get into unforeseen financial binds and have to sell without any prior notice.
2007-07-26 14:32:59 · answer #1 · answered by glendaokoeguale 3 · 0⤊ 0⤋
Unfortunately there is not much you can do about it. The lease, if you signed one, would be legally upheld or the owners might want to buy it out. If no lease then a 30day notice is all that is required by either party. The sales contract would have to disclose that there is a lease in place until such time and the new owners could not occupy as owner occupied unless the expiration of the lease is within 60days of closing (FannieMae standard mortgage). Below is a website from Cornell Law School covering an overview of landlord tenant law, hope it helps!
2007-07-26 11:39:17 · answer #2 · answered by Etta P 4 · 0⤊ 0⤋
It shouldn't matter who owns the property...unless the prior owner is hot and that's the only reason you decided to rent the place. If you signed a lease the new owner cannot make you move out - of course if lease states that if sold the old lease is nullified. Usually what happens is if you sign a 12 month lease...someone buys the property in month 6... you get to stay until your lease is up.
2007-07-26 11:21:39 · answer #3 · answered by Jason 2 · 0⤊ 0⤋
If you have a lease, then you get to stay. When someone sells a house that is leased, the new owner is a landlord until that lease ends.
2007-07-26 17:09:06 · answer #4 · answered by teran_realtor 7 · 0⤊ 0⤋
Did you sign a lease? If you did then you are covered. The new owner has to abide by those terms. If not, start packing now.
2007-07-26 11:55:39 · answer #5 · answered by frankie b 5 · 0⤊ 0⤋
it doesn't matter what they told you---they were under instructions from their management not to compromise the sale or any potential incoming income (you).
rentals change hands all the time....many times the tenants are aware and sometimes not.....it is not really your business, you they opted not to tell you.
would it have changed your mind anyway? or do you really like the place? if so get comfy--cause the owners need your income.
good luck
2007-07-26 11:05:27 · answer #6 · answered by Blue October 6 · 0⤊ 0⤋