Rental Basics in Erie>Question Details

Milehighnati…, Renter in Erie, CO

Is it legal to sell a leased property in Colorado before the end of the lease?

Asked by Milehighnative, Erie, CO Tue Jul 3, 2012

The owners have added a small hidden portion of the lease stating that they can sell the property at any time during the lease and remove us with only 60 days notice. Is this legal to write into a lease?

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Answers

8
Yes. Owners can sell a leased house. But, as others have pointed out, the lease remains in effect unless there is a provision allowing termination, as appears to be the case here. However, only a lawyer can advise you about exactly what is legal and about the specific "hidden" provision in your lease. As a general rule, I would suggest that the owner should have pointed out the 60-day termination notice when you signed the document. It would have been a simple courtesy. However, you also should have read the entire lease yourself. Unfortunately we are today presented with too many legal documents to sign, click on, or otherwise accept. We often fail to read even the most important ones. I've even talked to owners who did not know what was in their leases because they used a pre-printed form that they did not bother to read and understand.

Best,
Kind regards,
Ron Rovtar
Front Range Real Estate, Ltd.
Prudential Real Estate of the Rockies
info@rovtar.com
http://www.rovtar.com
0 votes Thank Flag Link Wed Mar 27, 2013
This is a legal question which should be handled by an attorney. Saying that and being a long time landlord, you can structure your lease any way that you want. It must abide by the terms of the lease for your tenantsupon sale unless they want to buy the tenant's lease out, you can do a number of things. Kathryn Novak, Broker/Owner, Novak Realty Metro Brokers 303-332-9122
0 votes Thank Flag Link Tue Mar 19, 2013
And yes, you can write anything into a lease or contract. Some landlords will add a penalty if you don't allow showings too!
0 votes Thank Flag Link Wed Jul 4, 2012
It happens all of the time... I just sold a 4 unit apartment building and the new owner took over four leases. Shopping centers, apartment buildings, offices, condos, and houses are sold all of the time with leases.

When I first moved to Colorado my wife and I were renting a house. The owners went through a divorce and needed to sell the house we were living in - unfortunately at that time, we were on a month to month lease and a three week old baby. It was very difficult, several people were showing our house each day. We ended up buying a house even though we weren't quite ready yet.

It is tough and just something you have to deal with. One of the benefits of owning vs renting is the stability (payment stays the same and nobody can kick you out at the end of the lease).
0 votes Thank Flag Link Wed Jul 4, 2012
yes, you can sell the property but it is subject to the terms of the lease.
0 votes Thank Flag Link Tue Jul 3, 2012
Yes, it is I believe. However, I am no expert in such legal matters. Depending on what county you live in, you may want to contact the tenant hotline to discuss your possible rights. Here is alink of the different counties.

http://www.tenantrights.net/text/pg-resources-colo-01.html
0 votes Thank Flag Link Tue Jul 3, 2012
Absolutely legal to sell a home while there is a lease on the property. Note that your lease supercedes the sale (the Buyer must honor your lease) unless it's specifically stated in your lease otherwise.

Now, I don't know how there's a "hidden" portion of the lease, but if you signed the lease, and that provision is in the lease, you must abide by it. This is a major reason you always want to read the whole contract of anything you sign.

Best of luck to you, I hope you get a nice landlord!
0 votes Thank Flag Link Tue Jul 3, 2012
Consult with a lawyer and review your lease contract. It is legal to sell the property but the new owners have to honor the lease and it needs to be disclosed up front. Again, consult a lawyer.
0 votes Thank Flag Link Tue Jul 3, 2012
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