Would you rent a property that just went up for sale? It's in Torrance...duplex front house...I was approved today but I'm nervous.

Asked by Sbsweetie, Torrance, CA Thu Sep 2, 2010

Not a short sale and not a foreclosure...According to the leasing office if I sign the 1 year lease, they can't kick me out bc they too are legally binded to that contract...even the new buyers of the property...ay so sad...I had decided to st...ay in my 1bedroom apt..which I like...but like that 2 bedroom way too much...any advice?

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., , 92705
Tue Feb 8, 2011
Lease agreements, deposits and pre-paid rents all transfer to the new owner at the close of escrow.
If you can, have a real estate attorney review you lease agreement and do some checking to be sure your lease will be in full force once the new owners take ownership
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Deborah Lon…, , Torrance, CA
Tue Feb 1, 2011
If you have a signed & valid lease agreement in place before the sale has occurred, which I believe is your situation, then the new owners need to honor your lease, according to the info I have been given. Once the one year lease is up, then you can be asked to leave. Also, if you stop paying rent, you can be asked to leave. Check & verify this with a real estate attorney, and that will probably ease your mind.
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Dorene Slavi…, Agent, Torrance, CA
Mon Sep 6, 2010
Dear SBsweetie,
Sorry you are in this situation. It normally will take some time to sell an income property, such as a duplex, so I would not expect you will have to move right away. If you are concerned, why not look into something that is not going up for sale in the near future?
0 votes
Nathan Gesner, Agent, Cody, WY
Thu Sep 2, 2010
I don't know CA law, so I would recommend you contact an attorney and verify. In some states the tenant is given notice to vacate when the house is sold and they have to move. In other states, the lease transfers with the sale of the home.

CA probably protects the tenant in this case, but I would check with an attorney to be safe.
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Sonsie Conroy, Agent, San Luis Obispo, CA
Thu Sep 2, 2010
If you have a one-year lease, it must be honored by the purchaser of the home. The down side is that the house will be shown to prospective buyers and you'll have to cooperate within reason in the process. You'll have some say about how often, when, etc., but you'll have to let people in at some point and can't be unreasonable about your objections. You'll have to decide if the inconvenience is worth it or not.

You may get lucky, and the house will be bought by an investor who would be happy to have you stay well beyond the one-year lease. Or, the buyer might want to move in. But you will definitely have a year to deal with this. Good luck!
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