Crime & Safety in 02766>Question Details

Rita S. Jenk…, Both Buyer and Seller in Boston, MA

Is the renter going to be evicted if house sells? I heard he is high minded & quite unreasonable.

Asked by Rita S. Jenkins, Boston, MA Wed Oct 29, 2008

Your home is quite beautiful. However, I have a heard from a friend that the renter has no fellow feeling and which could make life quite difficult.

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As an Landlord & property investor myself, I would recommend that you review the terms of the rental lease. A
rental lease can be either a "Tenant-at-Will lease" which means that you or the tenant have 30 day period prior to the next rental payment to provide a 15 day notice to Quit. You can request on the 15 day notice quit that you want the unit for personal use. I would also recommend that in the Purchase & Sales agreement that you stipulate that you want the unit free and clear of all tenants prior to closing. It would be best for you to consult with a qualified real estate attorney to review your situation. I wrote a common sense guide titled,"Mastering Property Management skills: Your Key$ to positive cash Flow". This guide is available to purchase on my web site at=> http://www.BrianJCodyauthor.com or at=> http://www.Amazon.com
0 votes Thank Flag Link Wed Jun 8, 2011
There may be a holdback of several months worth of rent in addition to any held funds if the tenant stays after the closing. Or as part of your offer to purchase it should be disclosed that you wish the property transfered vacant, as that is a significant condsideration. Second hand info should always be taken for what it is, that's why a popular phrase around foreclosure etc. sales is C4K = cash for keys. An incentive for the tenant to move out in an orderly fashion. Purchasing a multi-family isn't exactly like purchasing a single family home.
0 votes Thank Flag Link Wed Oct 29, 2008
Hi Rita
It really depends on how the property is being rented. Is it a month-to-month, or a lease? A lease has a definite start and ending date, just like any other contract. Because a lease is property-specific, it takes priority over the sale. In that case, the new buyer could have the option of negotiating a buy-out, or just wait until the lease expires, and not renewed. If a person intends to purchase property and live in it, they should be aware of that fact. Hopefully all parties will be able to come up with a fair and equitable solution.
Web Reference: http://www.SNHhome.com
0 votes Thank Flag Link Wed Oct 29, 2008
If you are purchasing a property, and going to live in it, I defininately recommend making sure the property is vacant before closing on the property. Laws will differ from state to state, but usually, you have to start all over when the property changes hands with any deadlines.
Melinda Elmer - Realtor
0 votes Thank Flag Link Wed Oct 29, 2008
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