The property I am renting is going up for sale

Asked by deedub82, Vancouver, WA Mon Jun 11, 2012

We got very short notice and the realtors are already having people come look at the place with us still living in it. What are our rights on this? Since it was not our option to move and the place is being sold do we get to keep the deposit? We really dont have any money saved up to get the move in costs needed to move into another place and I'm worried that the place will sell quicker than expected and we will be left with no place to live. ANY information you feel I need to know please inform me. Thank you!

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Tracie DeMars, Agent, Vancouver, WA
Mon Jun 11, 2012
Hey there!

First...I am so sorry, that is a tough situation to be in. You do have a legal right to 24 hour notice for showings so contact your landlord and let him/her know that you do want 24 hour notice. If a realtor calls for an appointment let them know it is 24 hour notice, but do work with your landlord on this. Ask your landlord about your deposits, and what you can expect back. GET EVERYTHING IN WRITING! ...either handwritten or by email.
Secondly, if the home gets an offer, it is about 45 days for closing. You may be expected to move earlier, but usually notice is about 30 days. I work 99% with first time home buyers, and and while you can *hope* that the home is purchased by an investor, you do need to expect that it will be purchased by an owner who wants to occupy it. Even if an investor purchases it, they have the right to change your terms if you are on a rental month to month agreement. If you are on a lease, then that lease must be honored.
Thirdly, all is not lost! Would you want to buy it yourself? Go to http://www.learningtobuyahome.com and look up the Free home buyer classes. It doesn't hurt to take a class and ask questions. Even if you don't want to buy your current home it is a good time to buy. Many people aren't sure where to start or don't think they are ready....the class is a good place to figure it all out. Classes are free and non-promotional.

Good luck to you, and yours,
Tracie DeMars
Buyers Agent
ReMax
360-903-3504
0 votes
Brad Fix, Agent, Yacolt, WA
Mon Jun 11, 2012
I Would talk to your land lord you have rights as far as showing go they need to give you 24hr notice for showings . It can take up45 days to close after they have an acceped offer . you need to look at your lease if it is month to moth they have to give you 30 days notice if it is a longer lease new owner will have to take over lease and work with you if they want you outn early it is good to get legal advice.and have some one look at your lease and let you know what rights you have hope this helps
0 votes
Laura Birtar , Agent, Vancouver, WA
Mon Jun 11, 2012
Most of the time, buyers who are looking to buy properties with renters in it are investors and they intend to keep the place occupied and the renters, if they have a good rental history. If your contract says month-to-month, you could end up with a new contract and the deposits will be transferred. Regarding your rights it looks like a legal question, and we realtors are not in the position to give legal advice, but as you can see, there are lots of resources on the web to answer your Q.
0 votes
Gloria Matth…, Agent, Vancouver, WA
Mon Jun 11, 2012
First, relax a little... if you have a lease, then purchase is subject to the lease terms. The buyer may want to purchase it as a rental....

If you dont have a lease, and month to month....figure 5-7 weeks, minimum. The terms of your deposit return are subject to the same rules as before. Keep it clean and in good repair... be cooperative in showing the property, ..those would be good postures for getting your deposit back.

Talk with your landlord.... ask him to keep you informed. from the time he has an accepted offer, it would likely be 30 days to closing...

there is more...but your best bet for knowing your rights is http://www.atg.wa.gov/landlordtenant/default.aspx

PS.. I have a house for rent..

contact me thru trulia at: http://www.trulia.com/myprofile/
0 votes
Kary Krismer, Agent, Renton, WA
Mon Jun 11, 2012
These are legal questions, but there might also be some sort of tenant union to answer your questions.

Before you go off asking questions though, have some answers available, like are you on a month to month lease or a term (e.g 1 year) lease? Is this a residential tenancy or commercial? Does the lease have terms regarding access to the property.

You'll need to get your own attorney to answer these questions, but it's possible, if not likely, the situation is not nearly as bad as you fear.
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