Rental Sold Mid-Lease What Happens To Tenant
Lennie asked a question. She's concerned that her landlord just sold the property and she's nervous as she's going to be booted out into the street and that her lease will just terminate.
Not necessarily. A lease is a contract and the lease is to presiding document. So whatever is in the lease, takes precedence over any of the future other contracts the owner might have engaged in. So in other words, your lease probably stays in effect even though the owner had sold the property, so the new owners are going to have to honor that lease. You can, as a landlord, put into your lease that it terminates upon the sale of a home, and probably may have a notice in there. Most leases do not actually have that clause in it, so landlords have to be strategic in drafting these contracts.
If the landlord knew that they wanted to sell the home, or if they had a real estate agent that was savvy enough to understand to put this in our property management company, then they have advised to include that the lease will terminate if the property is sold. However, if this was not included in contract, then all the terms of the lease stay in place. The new owners are going to have to take the property with you as the tenant, and they're going to have to follow the terms that are defined in the lease.