One of the most concerning things that some tenants have to deal with every year is finding out that their landlord has chosen to sell their rental property during the middle of the lease.
Understandably, some landlords may want to sell their properties now, especially since the real estate market is hot, and rental properties are more in demand than ever before.
The reality is that tenants continue to have rights even when the property is for sale, and is eventually sold to a new owner.
Once the lease is signed, a tenant can have peace of mind knowing that the lease has to be honored, even if the landlord chooses to sell their rental property.
This means that even if the property is for sale, and the tenant has six months left on their lease, the tenant cannot be evicted and the new buyer must honor that lease as well.
Yes, the new owner of the rental property can ask the tenant to sign a new lease with them but the reality is that the tenant doesn’t have to sign a new lease, if they don’t want to.
Since each lease is different, tenants should always read the terms and conditions of their lease to verify that their lease doesn’t have any special conditions that void the lease if the landlord sells the property and a new owner takes it over.
If a lease doesn’t have special conditions that void it in the event of a sale, a landlord could still motivate their tenant to move out if they offer them an incentive like cash for keys, or paying their relocation fees.
At GoldenWest Management, we specialize in single-family and multifamily property management for San Diego, Phoenix, and Las Vegas.
To learn more about the property management services that we can offer you, contact us today by calling (866) 545-5303 or click here to connect with us online.
