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Cobraracing, Home Buyer in Frankfort, KY

what happens when you rent a house and the landlord never told you it was up forsale but have a lease with them don't they have to tell you?

Asked by Cobraracing, Frankfort, KY Sat Aug 6, 2011

we moved in a house and just now finding out it is on the market what to do

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if the house is for sale it is not common for a seller to procure a tenant for it. Check your lease agreement you signed. In most states if the house is rented whoever buys the house is required to honor the existign lease on the house until it is up. Basically if you moved in on August 1st and have a one year lease that expires on July 31st and the current owner fo the property sells the house the new owner would be required to honor your lease to the end of the term and the rate you are paying now.

if you have a month to month lease then they are required to give you 30 days notice to leave if the person who purchases the house wants you to leave....

I have some sellers who have moved or had tenants in place or put tenants in a house with the house on the market...The seller/landlord should ahve informed you prior to you signing the lease. he has to get your permission to show the house anyway.
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0 votes Thank Flag Link Sat Aug 6, 2011
Unless you lease provides otherwise, the lease will continue running regardless of who owns the property. For example, if you signed the lease on June 1 and it's a 1 year lease, your lease runs until May 31. The new owner would have to abide by the terms and conditions of the existing lease.

As noted, if there was some provision in your lease saying that the lease could be terminated if the property were sold (usually there isn't), then your lease could be terminated upon sale.

Yes, you certainly should have been informed that the owner was trying to sell the property. But now the owner probably has painted himself into a corner. Having tenants with a valid lease in there--you--is going to make the house much more difficult to sell. As a result, the owner might want to buy you out of your lease. Or you might want to approach the owner and say: "You know, we have a current lease that runs until xxxx. That may make it very difficult to sell to someone else, since our lease will remain in effect until xxxx. But if you'd like us to move out sooner--maybe when you sell the house, maybe sooner--we'd be willing to consider allowing you to buy us out of our remaining lease."

See a lawyer for more information.

Hope that helps.
0 votes Thank Flag Link Sat Aug 6, 2011
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
Integrity and Character would have dictated that they tell you long before not:
They probably have been collecting your rent for a long time and not passing it along to the Bank; in addition to not paying their Mortgage.
You will eventually be contacted by a rep of the Bank about moving and possibly some "Moving Money"

Good luck and may God bless
0 votes Thank Flag Link Sat Aug 6, 2011
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