Finding the right home to rent or finding the right tenant to lease to can take lots of time. When Renting or Leasing YOUR Home, be sure to select a TOP Local Real Estate expert.
Keeping in mind that the laws in no two states are identical, most states protect the tenant’s rights to retain their lease agreement if the property they are renting sold. Unless the language of the lease nullifies the lease upon sale of the rental unit, the new property owner will have to abide by the same lease agreement. The new owner is responsible to get the security deposit and copies of the leases from the former owner; they are also responsible to each tenant for the full amount of the tenant's deposits, plus interest, whether or not the new owner receives the deposits from the old owner.
In multiple-unit properties, this tenant protection is beneficial to both the tenant and the property owners. By keeping tenants in the property, the seller can show profitability and guarantee a quick sale. The buyer is insured instant tenants and income as well.
In rented single homes, it is foolish for a property owner to try to sell an occupied unit unless he is selling it to another investor. Many purchasers of single homes are buying them to live in themselves, and there for will want the home to be vacant upon close of the sale. Although he has the right to enter the unit to show it with proper notice, the property owners may not be able to get the tenant to cooperate if they are not willing to move or accommodate the sale. Many states decree that the property owner must give the tenant the “right of first refusal” which means the tenant must be offered the chance to purchase the home before it is put on the market. If the property owner is in a hurry to sell the house and cannot wait for the tenants lease to expire, and the tenant does not want to purchase the house, he may pay the tenant to leave. Offering return of their security deposit and two months rent is a reasonable offer, but the tenant does not have to accept it. In that case, the owner must wait out the lease and everyone may find himself or herself in an uncomfortable or tense situation.
It is advisable for a tenant to learn the law in his state in the event that the property owner places his rental homes for sale. If may also be wise to get legal representation to protect his or her rights as well. The smartest thing a tenant can do is to make sure their lease protects their rights before they sign it. Here are some things to look at before moving into the unit to protect your rights.
1. Never move in without a written lease or month-to-month agreement.
2. Make sure the lease is for a set period like 6 months or one year.
3. If you sign a month to month agreement, be sure you are allowed ample time to move should the owner ask you to leave for any reason that is not your own doing such as 3 months.
4. Your lease or agreement should state that you have the right to continue leasing should the property be sold.
If your home is SOLD and your lease transfers to a new owner, try to negotiate better lease terms than you had on your existing lease, especially if you know the new owner wants you to stay. Also, be sure to negotiate a new lease before your previous lease expires.
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