We recently re-signed our lease for a 1 year term beginning Aug 1 06, shortly thereafter, our landlord placed the property up for sale. Our property is zoned commercial and I think that’s why he did so. Should someone other than a prospective landlord purchase the house, where does that leave our lease?
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July 8th, 2009 at 8:32 pm
If he sells the property, the lease will be invalid. Leases like all contracts can be broken and the consequences depend on laws in your area. Seems like you should have a discussion with the owner to find out what he has in mind. You should receive some compensation and negotiating directly about what that might be just sounds smart. In some areas rentals are most plentiful in the summer so perhaps just waiting to see what happens may not be the best thing to do.
July 9th, 2009 at 2:22 am
Start looking for a new place just to keep your options open once the new owner closes they can do whatever they want. this includes eviction.
July 9th, 2009 at 7:11 am
I don’t know what state you are in, but in mine, your lease would have to be honored through the term, and prospective buyers would have to know that you were the tenant for the next year going into the deal. Any new owner and yourselves could, if you were to agree to it, make a new contract, but they could not buy the property and then evict you.