The tenant has paid me one month security deposit. He was supposed to pay two. now i am fed up and want to sell knowing he is locked in and can't vacate the premises because of the lease. Is this true?
2007-10-03 03:57:35 · 4 answers · asked by Chrissy mindy 1 in Business & Finance ➔ Renting & Real Estate
theres one loop-hole, but dont know if it applies to Indiana.....the lease can be broken to a new owner, only if he...the new owner wants to move into the house, not his daughter or mother-in-law.....him.......other wise he has to honer the lease,,,,,,,,,,
2007-10-03 05:10:57 · answer #1 · answered by ABCDEF U 4 · 1⤊ 0⤋
You are free to sell the house at any time. The new owner MUST honor the lease, however. (The lease need not address the issue of sale of the property, the law protects the tenant if the property is sold.)
Why did you hand over the keys with less than the full deposit?? You may have a case to evict the tenant for non-payment of the deposit though the tenant can stop that dead by paying the remaining deposit.
2007-10-03 04:17:08 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Yes, you can sell the house, but you can only sell what you own. You own everything except the right to occupy it for therm of the lease. You gave up that right under the lease. So what you are selling to the new owner is title to the property, MINUS the right to occupy the property during the term of the, but PLUS the right to receive the rent from the lease. The way this is stated most frequently in advertising and contracts is "subject to tenants rights". You will be selling them your interest in the property and assigning your rights in the lease. You should disclose the terms of the lease, and give a copy of it to the prospective buyer. Any security deposits on the property will also be transferred to the buyers because they will be taking on your rights and obligations under the lease. I am sure that your local law provides that the tenant has to provide access to the property on reasonable notice. As a practical matter, however, a problem tenant is red flag to any prospective buyer.
2007-10-03 04:10:22 · answer #3 · answered by artwhiterealtor 3 · 1⤊ 0⤋
If he broke the lease then you should be able to evict him but it will probably be a hastle for you and will also take a long time.
I would just suck it up for the 2 years and then get rid of him
2007-10-03 04:10:04 · answer #4 · answered by D R 3 · 0⤊ 0⤋