Rentals in 07724>Question Details

Gtang, Renter in 08817

I just signed a lease to rent one part of a two fam house. But, I found out that the landlord is selling it. How will this effect me?

Asked by Gtang, 08817 Tue Aug 9, 2011

Is the rental lease still good if someone else buys the house?

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Rick Anderson’s answer
Some good answers here. Usually the term "lease" means one to 99 years and an agreement for less than one full year such as month-to-month is a Rental Agreement.. What is in the "lease" depends on who drafted it; lawyers representing the landlord side or the consumer side or agency, plus local and state laws. Did Gtang use the term "lease" loosely? Was it a rental agreement or a lease? Some agreements don't mention the renter or leasee allowing or being required to open their doors to prospective buyers, others do. Smart landlords do not try to disturb their income sources.
0 votes Thank Flag Link Thu Aug 11, 2011
Glang,

It depends on the type of lease that yuou have signed. if you signed a month-to-month, then you are subjedt o vacating at the will of the new buyer. If you signed an annual, then the buyer willo have to honor that lease, unless, of course, he/she offers to buy you out Then again, did you lease to stay for only one year?

I;d ask did the realtor advise you of the sale when u rented?

Francesca Patrizio, Broker Sales Associate, SRES, ePRO
Gloria Nilson REALTORS, Real Living
732.606.2931
Francesca@PatrizioRE.com
Web Reference: http://www.PatrizioRE.com
0 votes Thank Flag Link Thu Aug 11, 2011
It should not affect you, unless you don't feel like letting prospective buyers and their agents interrupt you on weeekends to show the property.

Whoever will end up buying the place, will have to honor your lease agreement with previous owner. Hope this helps.
0 votes Thank Flag Link Thu Aug 11, 2011
Normally the purchase is made subject to existing leases and most likely your lease facilitated the sale, but you might want to carefully read your lease agreement. If you find it difficult to understand, and most people aren't going know lease law or what the nuances are, after discussing it with the landlord, you may want to ask an attorney who actually specializes in real estate to read it. That I wouldn't do unless the landlord said something that concerned me.
0 votes Thank Flag Link Tue Aug 9, 2011
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