Ask Experts Questions for FREE Help !
Ask
    sara7697's Avatar
    sara7697 Posts: 5, Reputation: 1
    New Member
    		  
    #1

    Apr 14, 2008, 09:51 AM
    Signing another lease with house being sold
    Our lease is up, and we were wondering if we should ask our landlord to sign another lease, even with the house being sold. If the new owners use the house as an investment property, d they have to honor the lease that was in agreement with the previous landlord, or does that lease become voided out when someone else buys the property.
    tlhen51's Avatar
    tlhen51 Posts: 9, Reputation: 1
    New Member
    		  
    #2

    Apr 14, 2008, 07:13 PM
    The new owner has to honor the lease. If the new owners are planning to owner occupy then your current landlord could help you locate a new home when your current one sells. Did you get first right of refusal? You are supposed to be given the opportunity to purchase the property before it is listed since you live in it.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #3

    Apr 14, 2008, 07:18 PM
    Tlhen41, a "right" to buy the property first if you live in it, must be a specific law in your area, it is not in the several states I own property in ( or did own property in since I have just sold all of mine)
    tlhen51's Avatar
    tlhen51 Posts: 9, Reputation: 1
    New Member
    		  
    #4

    Apr 15, 2008, 06:13 AM
    Fr_chuck, check your landlord tenant laws. I have lived in several states and it was the same in each one. If a tenant is in place and you decide to sell, you need to ask that tenant if they want to purchase the property. If they do not then you are free to list. If you have a ready willing and able buyer in place why wouldn't you want to sell to them? It is just common decency to ask your tenant first!
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #5

    Apr 15, 2008, 06:55 AM
    Quote Originally Posted by tlhen51
    It is just common decency to ask your tenant first!
    Hello tl:

    You may be right. However, this is the legal board, not the decency board.

    Plus, I don't know of ANY state that requires a landlord to offer the property to the tenant first. If you do know of a state or states that do that, we'd sure like to know which ones.

    If you'd like to peruse some state landlord/tenant laws, we have copies right here at the top of the real estate page on a sticky note. By the way, the Padre knows those laws pretty good...

    excon
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Apartment rental - cashing deposit before signing lease? [ 3 Answers ]

I don't know if what has happened is legal or what not, but I am confused and when I go talk to them later this week I want to be able to sound informed and not... well as clueless as I am. I had applied and been approved for an apartment. We had agreed that I would be able to see the unit...

Property sold; can I get out of my lease? [ 2 Answers ]

I am 2.5 years into my 5 year commercial lease in Louisiana and my landlord has sold the property. Can I get out of my old lease?

Signing a lease while under a lease [ 4 Answers ]

I had a rent to own lease agreement from my tenant that expired August 31st of 2007. The end of July she signed another lease agreement on another house, not saying a word to us about it, and this rental agreement went into force August 10th of 2007 which is before our agreement is legally up. ...

Lease agreement when property is sold [ 6 Answers ]

We owned a property with tenants and have since sold the property. We believed both tenants to be month to month, but one has since produced a lease. Who is responsible for honoring the lease? The new owner wants the property vacated

Landlord terminated lease 4 days after signing [ 3 Answers ]

This Question Is For The State Of Kansas. My Friend Looked At An Apartment And She And The Landlord Agreed That She Would Be Able To Rent The Apartment. She Gave The Deposit They Signed A Lease And He Gave Her The Keys But 4 Days Later Someone Called Her Back And Told Her That Other Tenants In The...

View more questions Search