2017 How Do You Sell a Two Family House in Jersey City if You Have Current Tenants

March 06, 2022 Post a Comment

Question: I simply found out my landlord is selling my rental business firm – what does this mean for my housing situation?

Answer: If y'all hire a habitation and you discover your landlord is selling the property, don't start panicking (or packing) but withal. If you signed a lease agreement, your current and future landlord will have to honour the terms.

Term Lease Agreement

A term charter agreement is a housing agreement betwixt landlord and tenant for a designated amount of fourth dimension, typically half-dozen-months to one year. If you lot learn about the sale of your rental property, and you still have a few months left on your lease agreement, your new landlord will not be able to kick you out.

When a buyer purchases a renter-occupied abode, he must concord to take over the lease and award the terms the tenant signed. A buyer can enquire the renter to sign a new lease with him, but technically the tenant does non have to.

Exceptions to Honoring a Term Lease

The only exception would exist if your charter agreement has special conditions regarding a property sale. If your state allows information technology, your lease could incorporate language that says something along the lines of, "in the effect of the auction, the electric current lease understanding will be void once a new possessor takes over the property". While it is possible that your lease could take this type of belongings sale clause, they are not very common.

Another exception would be if you lot and your landlord mutually agree to terminate the lease understanding, and yous agree to move out on a designated date. In these cases, the tenant can have some leverage to ask for relocation fees from the landlord, since you lot are doing them a favor by moving out.

Calendar month-to-Calendar month Charter Agreements

If your current lease agreement is a month-to-month tenancy, you take less security when information technology comes to staying at the property during a auction.

If your landlord wants you to move out prior to an official sale, he merely has to provide you with proper notice to finish tenancy and move out on a specified date. Most states crave a landlord to give a tenant anywhere from 30-lx notice informing a tenant that tenancy will finish and they demand to move out. Some cities take even more lenient timelines, for example, landlords in Portland, OR, must give their tenants 90-days observe to vacate .

Remember, these notices to vacate are not evictions. They are friendly terms of ending a rental tenancy with your electric current landlord. While it can exist shocking to larn you take to move, that is i of the realities of being a renter, your landlord can choose to sell his rental property at whatsoever time.

How to Handle the Sale Process

Talk to your landlord. Hopefully, your landlord volition be upfront virtually his intentions to sell the property and proceed you informed as to whether he hopes to sell to some other investor who will go on the holding every bit a rental. He could be selling the property for any number of reasons, and the more friendly yous are during the process, the more likely he will be to encourage the new buyer to keep yous as a long-term tenant.

Working with a Existent Estate Agent

A potentially frustrating part of living in a rental that is in the procedure of beingness sold is dealing with showings, inspections, and any property upgrades seller decides to consummate the sale. These types of typical selling activities can exist a huge disruption to a renter who wants to live in peace.

A lot of tenants feel uncomfortable with the idea of strangers constantly coming through their homes during open houses and showings. Unfortunately, there is picayune a tenant can do to mutter about this part of the process. Your landlord must give you 24 hours detect (or whatever the discover requirement for your state is) before a real estate agent, inspector, or anyone shows up and enters your property – just he does non take to accommodate your asking to always exist present during these events. Try to piece of work with your landlord to come upwards with a solution where you feel comfortable and your landlord is all the same able to sell his domicile. Call back the more accommodating you are during the sale procedure, the faster information technology could be sold and this whole ordeal will be over.

It is not acceptable for a real manor agent to but show up and enter the property unannounced. They must provide advanced noticed according to your state laws for entering the property. If this keeps happening, you need to speak with your landlord so he tin relay the laws to the agent who may be unaware. Here are some tips for agents about the Best Practices for Selling Renter-Occupied Homes .

This article was originally published in June 2017 and has since been updated.

Arrington Wiltocking