I signed a 1 yr. lease when I moved in 4 yrs. Ago. The owner just informed me that he put the condo on the market. Since I technically don't have a lease, how much notice do I need to give before I move out? What if it sells immediately, how much notice does the new owner need to give me? I will need my security deposit back in order to afford the security deposit and move to a new place. Can I legally use it instead of paying my last months rent.

You need to look at the original paperwork to find out the specifics of your situation. Some leases have automatic renewal and others convert to a Month to Month. So you should have some guidelines to follow at this point.

As far as notice that too should be in your original paperwork. Regarding the notice you must be given as far as termination that is in the contract and also part of local law. So the laws of your area will govern that portion.

A security deposit is not a "last months rent". If the owner old or new agrees to it then it can be converted. Check your local laws as far as what you are owed. In some areas you may be entitled to interest on the deposit and also may not owe one after a given amount of time unless there is neglegent damage. Anything above normal wear and tear.

Assuming he isn't selling because he's unhappy with you, this can be an excellent opportunity to negotiate a deal for reduced rent, with a promise in writing from you that you will keep the condo neat and clean, pack up what you aren't using and store it, and promise to move out in 30 days from the first of any month he tells you. He gets a more sellable condo, some rent is better than none in a market that may mean no sale for a very long time, and you get a good deal.

You need to give notice in the same time frame within which you pay rent - if rent is due on the 1st you have to give one month's notice PRIOR to the 1st. For example, if you want to move out March 1st you would need to give notice BEFORE February 1st. (You must give a full month's notice.)

If the landlord (or new landlord) wants you out, he must abide by the same rule. It's 30 days. If you have to be out, for example, by May 1st you must receive notice BEFORE April 1st.

CalifDad is correct (of course) about the security deposit and rent.

I would not enter into a contract at this time without an Attorney to protect you in any event - sale, no sale, another tenant, whatever else may come your way. You need a comprehensive written lease (which is a contract).

What State? It varies.

When a lease is signed, the terms of that lease remain in force, except for expiration and rental, as long as you reside in the unit. So you DO "technically" have a lease. And whatever that lease states about notification remain in effect on BOTH sides. When the property sells, the new owner will have to abide by the terms.

If a property under lease sells then the seller is required to transfer any security deposits to the new owner. The landlord is not required to return the deposit for anywhere from 20-45 (depending on local laws) so you can't really use it for new security. And, as has been noted, its not up to you, but the landlord to determine how the security is used.

You will have to give the notice agreed to in the orgininal lease. Unless they agree to allow you to have less.


And no the deposit is not for last month, it is to protect the owners from damage and is not returned to you till after you have moved out.

You need to sit down with the landlord and work out any details that they may agree to.