Author Topic: Owner wants to sell  (Read 1775 times)

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Offline renter1

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Owner wants to sell
« on: September 28, 2016, 02:37:10 PM »
Anyone know the answer?
What if the owner decides to sell the house and you still have a year left on your lease- could you be evicted??? What if new owner doesn't want a tenant???

Offline SoclosetoIrvine

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Re: Owner wants to sell
« Reply #1 on: September 28, 2016, 02:49:41 PM »
Went through something like this a year ago...Please go through your lease agreement word by word on the part that talks about breaking lease for you and the owner.  Did you sign any part that allowed the owner to cancel lease at any time if they were selling the home?

If not, typically, the lease is a contract and the owner will have to keep his end of the lease.  If the owner puts it on the market, he will have to negotiate with buyers and disclose that there is an existing lease.  Most buyers won't mind a current tenant if you pay on time but some will pass. 

If he's pulling you hard to move out, I would negotiate with him a "price" that it would cost for you to break your contract and move out within 30 days.  Perhaps a months rent and full security deposit back may be fair.  You live for free for a month and find another place to rent.  It's a great time to sell now so I'm sure the seller has incentives to take any deal you offer

Best of luck! ps I'm no realtor or lawyer

Offline best_potsticker_in_town

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Re: Owner wants to sell
« Reply #2 on: September 29, 2016, 12:08:21 PM »
The owner owns the property and has the right to sell it. The lease agreement must be disclosed and it transfers to the new owner upon close of escrow.

What usually happens is the selling owner will come to you and negotiate an amicable termination to the lease agreement. As the previous poster said - usually it can involve free rent or a flat cash payment. The owner has the right to list the property and show the property (as long as you are given appropriate notice). But, the tenant may decide not to cooperate and leave the home untidy (dishes in the sink, laundry around the house, toys on the ground). Both sides benefit by having a termination agreement in place.


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