Is your Landlord Planning to Sell the House He has Rented You? Here’s What You Can Do
Aug 22, 2017 Home Trading Steps
There are many reasons as to why your landlord will want to sell the property he has rented out to you. Maybe it is because he is in need of money urgently, or he has got an offer he can’t refuse or maybe he just doesn’t want to be in the renting business anymore. Whatever may be the reason, the sale of the property rented to you can cause you a lot of troubles.
We discuss the things you and your landlord can do to make sure you both don’t run into any roadblock.
1. When to move?
The law suggests that the landlord must give you 30 days notice to move out of the place as he plans to sell out the property. Selling property can be a time taking process, you can ask for an extension. If the rental lease is not up, you can ask to stay in till the lease is up.
2. Know you lease termination clause:
Before signing the agreement read it properly. Make sure to remember what the lease termination clause says. If it says that the lease will terminate due to the sale of the property, then you will have to abide the agreement and vacate the place within 30 days, even if there are few months left for your lease to terminate.
3. Security deposit:
Wondering what will happen to the security deposit you paid for 11 months? If the lease is terminated before it ends then the landlord will have to return you the entire security deposit. It may take anywhere between 14 days to two months for you to receive the security deposit and the landlord cannot deduct anything from it.
4. Relocation allowance:
If there is no termination due to sale clause on the agreement then you can ask the landlord to pay you’re the relocation charges. It is the way of compensating the loss you will incur due to the move that you weren’t expecting. The landlord can pay you the difference of the rent you will pay for the new accommodation if the rent is higher. He can also compensate n the moving cost or any other financial help he can provide to the tenant.
The most important thing is to read the agreement thoroughly before signing it. This way you will know what you are eligible for and what not. It will also give you a fair idea of what you can do if you are asked to leave the property before the lease term is up.
We discuss the things you and your landlord can do to make sure you both don’t run into any roadblock.
1. When to move?
The law suggests that the landlord must give you 30 days notice to move out of the place as he plans to sell out the property. Selling property can be a time taking process, you can ask for an extension. If the rental lease is not up, you can ask to stay in till the lease is up.
2. Know you lease termination clause:
Before signing the agreement read it properly. Make sure to remember what the lease termination clause says. If it says that the lease will terminate due to the sale of the property, then you will have to abide the agreement and vacate the place within 30 days, even if there are few months left for your lease to terminate.
3. Security deposit:
Wondering what will happen to the security deposit you paid for 11 months? If the lease is terminated before it ends then the landlord will have to return you the entire security deposit. It may take anywhere between 14 days to two months for you to receive the security deposit and the landlord cannot deduct anything from it.
4. Relocation allowance:
If there is no termination due to sale clause on the agreement then you can ask the landlord to pay you’re the relocation charges. It is the way of compensating the loss you will incur due to the move that you weren’t expecting. The landlord can pay you the difference of the rent you will pay for the new accommodation if the rent is higher. He can also compensate n the moving cost or any other financial help he can provide to the tenant.
The most important thing is to read the agreement thoroughly before signing it. This way you will know what you are eligible for and what not. It will also give you a fair idea of what you can do if you are asked to leave the property before the lease term is up.
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