If you or the owner has not terminated the contract, the buyer becomes your landlord from the billing date. Your lease continues under the same conditions. If you have a fixed maturity, the buyer must respect the fixed term. If a landlord intends to sell a rental property, the lease continues. The landlord cannot terminate a lease because he wants to sell an apartment for rent. If you are a landlord, talk to your tenant before planning an open apartment or an apartment auction. You need the customer`s permission for certain dates and times. If you have decided that the best thing to do is to get rid of the tenant before selling (for whatever reason), the usual rules apply and you must legally terminate the tenancy agreement, which may mean that you must settle down comfortably and wait several months. A mortgage sale occurs when a person cannot repay the money they owe to the bank. The bank sells its property to recover the money owed. … If the tenant owes money to the seller, it is important that the sellers – buyers and sellers – clearly settle these debts in the sales and sales contract.
Owners should be counselled independently if they are unsure how to do so. The former owner/broker should write you the name of the new owner and the date from which you pay the rent. You don`t need to sign a new contract with the new owner if you don`t want to, your old contract is still in effect. If the property is leased on a temporary basis, the property must be sold with the tenant and tenants. The buyer then becomes the new owner for the rest of the life. In order to facilitate the transfer of the lease, completion will often be carried out on a payment date, so that rental income should not be distributed between the buyer and the seller. However, if this is not the case, agreements should be reached between the buyer and the seller, so that the reasonable amount of rent is credited to the buyer (provided the tenant has paid the rent in advance, which is usually the case). Here too, your lawyer should be able to help in this matter. If the property is tendered for sale or if the owner of the property presents the property to a potential buyer during the first 2 months of an agreement (including a new agreement) and the tenant has not been informed in writing of the planned sale prior to the conclusion of the contract, the tenant may enter into the contract with a letter of intent (form 13) with a 2-week period. They cannot stay longer than necessary for the potential buyer to inspect the property. So let`s dig deeper and find out what the renter-tenant law says in this regard, and how you can minimize your losses, mentally and financially, if you discover that your rental home is for sale.
The first things first. Be sure to check your lease, as most landlords tend to include rights and obligations in this situation, remain flexible and evacuate property more quickly. You are obliged to pay the rent to your current landlord until the property is sold. Then there are two scenarios that you may encounter as a customer. As a seller, you don`t really have to worry about the legality of the lease after wiping your small hands cleanly from the property.