One of the general concerns of renting an apartment or a house is the uncertainty that the owner or the landlord may divert the property on sale when the time comes. This is possibly secondary to why the landlord owns the property and has every right to sell it.
However, despite the right of selling own property – the tenant has their own as well. To further be informed what you should do as a tenant or as a landlord when the situation arises, here are some details you may want to know.
Out with the Old, In with the New: Proprietor
Given the fact that it is affirmative that a landlord can sell the house even if it is still for rent, you may consider the possibility of finding another place to stay. Nevertheless, it does not necessarily mean that the tenants should vacate immediately without notice. In some usual cases, when a landlord sells the property to a buyer, the new buyer tends to inform the tenants (who are willing to stay) to sign a new contract – and if the current terms and conditions are not troublesome for both parties, evacuation can be out of the option.
As a decent landlord, together with the eyes of the law, it is mandatory to inform the tenants with a written letter a minimum of 30 days or a month before their interest to put the property on sale. This is to let them know whether they should vacate the premises or if they have a chance to sign a new contract with the new owner.
This is where the contract stands its significance; if the tenant has already signed a year-long (or more) agreement with the old landlord, it is a legal right to stay at the rental space at least until the contract expires.
Another factor that makes a contract essential to a lease is its contents. When renting a space – it is the tenant’s responsibility to read it and have the time to do so. Often, contract signing can be as fast as lightning that leads to trouble in the future. If the contract involves an agreement about automatic void of the lease when put on sale, do not associate with the contract unless you agree with its terms.
Return What Needs to be Returned
Much like any other rental space, a security deposit is always paid upfront – this is to assure that, if by any chance, when there is damage to the property, the tenant will not deny the payment for the destruction. Suppose the workers made no injuries and only the cleaning maintenance or repair costs before evacuation stands. In that case, the landlord is required by the law to send back the remaining deposit within a maximum of two months.
In some circumstances, the landlord has resorted to violence or violated any tenant’s rights. It is best to seek professional help and hire a tenant lawyer quickly. This is why knowing your rights as a tenant or as a landlord is crucial for the sake of not just the other party’s sake but also yours. We buy houses, so let us know if you are interested in getting an offer from our business. – SnapCashOffers