My landlord has decided to sell our house. We have a recorded lease with seven months remaining. They have

Asked by Confused Renter, New Orleans, LA Mon Oct 6, 2008

shown the house to several prospective buyers but have made no mention to us of a buyout. We have informed them that we recorded the lease. What are our options? Should we speak to the agent or hire a lawyer?

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ian cockburn, Agent, New Orleans, LA
Mon Oct 6, 2008
Based on the answers, I am SO glad I live in New Orleans, LA...for how quick are people ready to give BAD advice like..."well I don't know, so I betcha shoulda get an attorney." Please....if you do not know the answer, don't make drivel commentary....leave that for the polititians please!

To answer the question:
1) Anyone can sell anything at anytime...real estate included. Most probably the landlord will want to sell the house with the lease in place to help the new sellers be able to get financing...as your rent paid is additional income. I have several properties like this and having that income goes with the song, "having my baby"...sweet music to a mortgage company's ears.

2) You have a recorded lease...this means both parties are to live up to the lease as required by law. As a landlord, it will be very hard to evict you even if one chose to do that unless you broke some other terms and conditions of the lease such as not pay rent.

3) Be proactive....talk to the Realtor. If you have enough money to hire an attorney, invest it wisely and instead by a house from me.
Web Reference:  http://iansellsnola.com
0 votes
Vicky Chrisn…, Agent, Purcellvile, VA
Mon Oct 6, 2008
I should add this - pretend you're a potential buyer and call the listing agent. See what terms they are disclosing. If they use the phrase "short sale" watch out - it could mean that your landlord is throwing a "Hail Mary" pass to try to avoid foreclosure. In VA, a foreclosure renders your lease unenforceable.... probably the same there, too.
Web Reference:  http://www.vickychrisner.com
0 votes
Vicky Chrisn…, Agent, Purcellvile, VA
Mon Oct 6, 2008
In Va (where I am) a lease supersedes a sale. Sounds like LA is the same (based on previous response).

What does your landlord say? I have a property under contract now that was rented when we put it on the market. The tenants moved 9/30, and closing is supposed to be this Friday. It's fine. If you know that the property's for sale, and the landlord knows you know, it seems like you could have an open and frank discussion about his intentions vs. yours. But, I really wouldn't sweat it very much if you have read your lease, and if your state recognizes lease rights like VA does.

Why would your landlord buy you out when he doesn't know if he can sell the property yet, or how long it will take? Some buyers who might be looking for an investment property might like that there is a lease in place, especially if you are caring for the home and paying on time. If he sells to someone who likes the house, he'll have to try to buy you out then. Maybe you've heard about the market... that could be awhile. :-)
Web Reference:  http://www.vickychrisner.com
0 votes
Dana Schuster, Agent, Slidell, LA
Mon Oct 6, 2008
Unless your lease contains what is called a "sale clause" you are protected. The new purchaser must honor the remainder of the lease. I am a Louisiana agent working mainly on the Northshore& I have dealt with this situation many times. Because the market is slow,several of my sellers have opted to lease their properties while still keeping them on the market. I have never had a house put on the market after being leased,however. My experience has always been with a seller deciding to lease after the hoouse doesn''t sell quickly. Prospective tenants are informed via a clause in the lease agreement that the house is on the market& they will be expected to cooperate with showings. I change my MLS listing to inform any prospective buyers that the house is leased until----date. If you would like to e-mail me at:
Danaschuster427@aol.com
I would be happy to explain the sale clause in further detail.
0 votes
Keith Sorem, Agent, Glendale, CA
Mon Oct 6, 2008
Confused,
I would suggest talking with an attorney
You might also check the link below.

I am sorry that I do not have expertise in your state and area.
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