Home Buying in 84060>Question Details

Raingirl24, Home Buyer in 84060

We may buy a short sale home to be our primary residence. Do we have the right to break the lease with current tenants? (We'd give 90 days

Asked by Raingirl24, 84060 Fri Oct 29, 2010

notice.) I know there is a clause in current foreclosure law that would allow this, but don't know if it applies to short sale situations too. The current tenants claim to have a five year lease!

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You do not have the right to break the lease. As suggested prior I would ask to see a copy as five years seems like and awfully long lease. That being said, if these tenants are already expressing that they have no desire to move out you may be stuck trying to evict people even if they don't have a lease. Not something I recommend getting involved in as it can be a costly and lengthy process. I highly recommend as a home buyer you never take posession of a property with tenants in place unless it is your intent to rent it as well and you'd like them to stay. Good luck!!
0 votes Thank Flag Link Sat Oct 30, 2010
Since the home is not a foreclosure, you are buying it from the owner and are buying it subject to the leases that are in place, so no, you don't have the right to break the lease. You may be able to purchase it from them to persuade them, legally you have to honor the lease. I would ask to see a copy of the lease.
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0 votes Thank Flag Link Sat Oct 30, 2010
The answer to your question depends on the tenant laws in your state. For most areas if you purchase a home with tenants in place you are obligated to honor any leases in place. A shortsale is not a foreclosure and is looked upon by most courts as a conventional sale. So typical tenant laws apply. I would check with a reputable real estate attorney who deals with tenant law and evictions. I have never heard of a 5 year lease that sounds questionable.
0 votes Thank Flag Link Fri Oct 29, 2010
You will need to check with an attorney that handles real estate. You are correct about the 90 day eviction with a foreclosure, but since you are purchasing it from the owner and not the bank I do not think it applies. When you purchase property that has an active lease in place the new owner must honor the lease unless the tenant intends to sever the lease. You may need to find a different property.

I wish there was a simple solution for you.
0 votes Thank Flag Link Fri Oct 29, 2010
Do keep in mind that short sales, unless already pre-approved by the lender, are by no means fast sales--also keep in mind that as long as the seller is the owner, he/she is responsible for the tenants--ask him/her about the lease, possibly ask to see a copy, etc.; in addition do protect yourself and consult with an attorney who specializes in real estate as to exactly what rights you may have; if you plan on occupying the property before the term of the lease expires, you may be able to break the lease--again consult with an attorney for an accurate evaluation.
0 votes Thank Flag Link Fri Oct 29, 2010
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