There can be plenty of reasons why the landlord wants to sell the property that he has rented to you. The reasons can be cash crunch, relocating to a different city, unable to manage the property, don’t wish to continue with the renting business, etc. Whatever the reason is but as a tenant it is a difficult situation for you. Thus, what is the solution to this problem that won’t harm both parties? Well, we have jotted down a few points which a tenant should know.
When do you move out?
After the discussion to sell the property with the landlord, the question arises “when you should move out?” It is always recommended that the landlord should provide a 30-day notice to the tenant, so he/she can find a new property. If the selling of the property is going to take time, then the landlord should allow the tenant to stay for a longer period. If the lease agreement between the landlord and tenant is of 11 months, then in this case landlord can request the buyer, if he/she can wait till the lease expires.
Know the lease termination clause
It is suggested to read the lease termination clause when signing the lease agreement. Now open your lease agreement and check thoroughly if there is any clause mentioned in the termination section that termination can be done due to the sale of the property. And if it is mentioned in the agreement then you have to abide by it and need to agree upon it.
Security deposit?
Now, what about the security deposit? Are you going to get it or not? Good news for you, the landlord cannot hold your security deposit. It may take some time to process but you will get it.
Request for a relocation allowance
If there is no such termination clause due to sale, then you can request the landlord to compensate you for this termination. The loss of finding a new property and sudden move out can be compensated by the landlord. A landlord can give you the difference in the rent or can help financially with moving costs which he/she can afford.
These are few things which tenant should keep in mind when the landlord asks to vacate the place or terminate the lease due to the sale of the property. It’s always helpful to go through your lease agreement and know all the clauses mentioned there regarding termination. It’s best if you opt for a digitized lease agreement which is an easy process with RentScribe.
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