My contract ends in october of the next year but my landlord is selling the appartment now. The owner-to-be wants to take bigger rent ftom tenants of the appartment than we agreed to pay to my present landlord.
2007-12-10 03:34:51 · 14 answers · asked by Mari12 1 in Business & Finance ➔ Renting & Real Estate
Wow, an appraiser with a wrong answer! I hope Mike (the poster in here that is a big fan of appraisers who regularly trashes Realtors) sees it!
This answer will vary by area and your lease. In my area, you have tenant rights, which means the new owner has to honor your present lease, or evict you and start over with their lease. Some leases will address what will happen if the property is sold, so you'll need to check that.
Most areas have a landlord/tenant association, contact them to see what your rights are.
2007-12-10 04:18:19 · answer #1 · answered by godged 7 · 0⤊ 0⤋
I went through a similar situation. I had a real nice professional landlord, he was an older man and he ended up selling the property to these "property management" people. I had to go sign a new lease with these mgmt people, but the terms were the same as they were with my previous landlord. But then, they later told me that they screwed up and and that I had to pay electric and gas and plus $100 more in rent! I basically told them that because there was a current contract in affect to speak to my lawyer (which I don't even have one..lol) they backed off of me.
If the current lease is in affect, they can't make you do anything. The contract you signed just ended up in someone else's hands. But if there's somewhere that states the lease is expired if it changes owners, then sorry, you'll have to do what they want and property managements are terrible people to work with, they want more money and they won't take care of the place..so it's best to get out while you can.
2007-12-10 03:41:20 · answer #2 · answered by Goodbye 5 · 1⤊ 0⤋
OK assuming this is within the USA, in general most states require that the new owner of a rental unit to be bound by the terms of the lease with the old owner until the lease expires
do not sign anything new, the new owners are bound by your lease hold them to it
side note: even if your lease agreement had a provision which would allow the landlord only to terminate the lease early for a sale, would most likely be ruled invalid based upon contract law of mutuality within the contact
2007-12-10 04:13:08 · answer #3 · answered by goz1111 7 · 1⤊ 0⤋
Ok, if your lease doesn't end until October 2008, then your new landlord is stuck with the terms that YOU originally agreed to.
A lease that is still in affect, transfers with the property, upon sale.
The new owner is going to be in for a big suprise, but see if you can get a Realtor to help you find the local statute in your state so you can copy it and send it to the new landlord if they send you a notice that rent is increasing.
Also, your security deposit should be with the new landlord...that transfers as well.
2007-12-10 04:14:43 · answer #4 · answered by Expert8675309 7 · 1⤊ 0⤋
A landlord is not generally entitled to break a lease to sell a property unless the lease includes a provision explicitly allowing him to do so. Check your contract.
Also, research your state laws. In California, unless stated in your lease otherwise, the new owner has to honor the lease; also, the old owner needs to transfer your deposit to the new owner.
2007-12-10 03:45:21 · answer #5 · answered by Anonymous · 1⤊ 0⤋
I can assure that in your lease there is a provision that allows the owner to sell the property under any circumstances so long as you have notice. With that provision, you should also be able to negotiate directly with the new owner/property manager and dicuss your rent. You should also have the option of being let out of the lease.
You don't have any rights to keep your place at the rent you agreed to prior if the contract states otherwise. Which is normal.
This is one of those reasons/advantages to owning a property vs. renting. Tough little scenario you've been put in.
2007-12-10 03:40:05 · answer #6 · answered by Phil M 7 · 0⤊ 1⤋
Unfortunately, the contract you signed is null and void as the owner of public record has no obligation to honor it. Typically, a new property owner will continue the original leases until they end. It appears the original owner sold for a tremendous profit and the new owner cannot maintain liquidity at the current rents. The only recourse you have is the threat of a mass moveout or speaking to the new landlord and hoping for mercy(unlikely). Sorry, you may have to eat the new rents or move right after you moved in, bummer.
2007-12-10 03:47:17 · answer #7 · answered by kirk m 3 · 0⤊ 3⤋
you need to check your landlord-tenant law -- google will find it ["location" "tenant law"].
here in America, some states require the new landlord to honor the old leases and other state allow the new landlord to cancel old leases.
the details of how the property transfers in some states, but not in others.
GL
2007-12-10 03:43:16 · answer #8 · answered by Spock (rhp) 7 · 1⤊ 0⤋
Well, you are not obligated to have to pay the higher rent so you will have to move I suppose, but I think that you have 30 days to do so. I don't know that happens to any deposits or anything since they were with the former owner. Tough one, You might talk to a lawyer about this.
2007-12-10 03:40:21 · answer #9 · answered by Anonymous · 0⤊ 1⤋
No, you come back with the valuables. Your landlord might desire to objective and purchase you out of your hire if the hot proprietor needs the valuables to be added empty, yet they might't legally kick you out. Your hire will flow to the hot proprietor.
2016-10-01 07:15:38 · answer #10 · answered by ? 4 · 0⤊ 0⤋