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Notice of change in ownership by landlord
Hello,
I have a fourplex in Texas and I'm in process of selling it. My question is how soon am I required to notify tenants of this sale? We haven't closed on the deal yet, so I don't want any tenants violating the lease because of this. New owner plans to honor all the lease. Thank you, Bo |
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New owner HAS to honor all leases, he has no choice. Why would tenants violate the lease? Change of ownership is not grounds to do so.
But you are not required to notify them until closing when you you tell them of a change in where they send their rent. |
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Well as noted the new owner has not choice, so even if he does not plan on honoring the leases he has to anyway. There is no requirement to notify them till closing, and then you will notify them of the new landlord and address to send payments. Also remember to transfer all deposits to the new landlord. I would assume they are in a separate bank account on interest.
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We've bought and sold several apartment buildings. We make it a point not to inform the tenants that the real estate is even for sale. Reason: It often happens that as soon as the tenant knows the property is for sale, they stop paying the rent. They are betting that the current landlord will not take them to eviction court (the seller doesn't want to disclose pending cases nor admit that they are not getting rent from every apartment). Then tenant is also betting that the seller has more important things to do than to go to small claims court for payment after the property changes hands. Since the new owner is not owed for the previous months of rent, the tenant hopes to start with a clean slate. As sellers, we ask that those tenants who owe us back rent sign a form allowing us to use the security deposit as a month of rent or as an encouragement to sign, we'll accept the money as full payment for money owed. (Our tenants don't live in our properties for very long without paying so the amount owed is usually equal to the security deposit.) We always put a copy of that form in the file for that particular tenant. Then we deduct the amount from the security deposits transferred to the new owner. To answer your question: Unless it is absolutely necessary, we do not notify the tenants that the property is changing hands. After the closing, the new landlord sends a letter of introduction.
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