Is your landlord selling the house you’re renting? Since your landlord owns the property, they do have the right to sell it whenever they’d like. But, like landlords, tenants have rights too!
Read more to learn about what you should know when your landlord is selling your rental property.
Do you have to vacate the property?
Don’t assume that you must vacate the property. A new owner doesn’t necessarily mean you need to look for new homes to rent. In some cases, your landlord might sell to a buyer who, as the new landlord, will be happy to sign a new lease once the sale goes through.
But if that’s not an option, or you’re not happy with the new lease terms, then you might have to look for a new place to rent.
When do you have to vacate?
In most states for a month-to-month lease, landlords are required to give 30-days written notice to tenants to vacate if they decide to sell to a buyer. Some areas have different rental laws though, so make sure to check.
If you signed a fixed-term lease, you would likely have the legal right to stay put until your lease ends. Even if the house/apartment sells before your lease is up, the new owner must respect that legally binding contract with the tenant.
Check your renter’s clause
Check if your contract contains a “lease termination due to sale” clause. In that case, whatever is stated there stands (no comma here). This clause basically states that if you have eight months left on your lease, but your contract says the lease to termination due to sale is 30 days, then 30 days is all the time you get to move out and find a new rental.
When first signing a lease, try to negotiate the terms of this clause so you have longer to find a new place to rent. If you’ve already signed and it’s too late, keep that thought in your mind in case this occurs.
Keep your landlord in line
While you’re still living in the rental, you have basic tenant rights. For example, your landlord can’t threaten eviction, cut off utilities, enter the property unannounced, or have a remodeling crew working at the property at all hours of the night.
Contact a tenant lawyer if you feel as though your landlord is violating your tenant rights.
Talk to the property manager
The whole process of a landlord selling a tenant-occupied property can get confusing. If your landlord has a property manager, they should be able to help you understand the terms of your lease. A property manager will also ensure that all tenant rights are being followed by the landlord.
