We found out that the owner of our house that we have been renting for 8 years is selling the property. Is this ok?
- sunshine_melLv 711 months ago
It's fine. The ownership of the property doesn't change the terms of any lease you have in place; it just moves to the new owner.
If you are renting month-to-month, there's a chance your lease may be terminated if the new owner wants to live in rather than rent the property. As with your current landlord, you'll get a minimum of one month's notice.
- PamLv 611 months ago
Well it's ok for him,maybe not so much for you unless you find out what the new owner intends to do with the property. If they are buying it as an investment, they may want you to stay. However,if they are buying it to live in and intend to evict you when your lease is up, that could be a problem. Once the property changes hands, you are at the mercy of the new owner.
- curtisports2Lv 711 months ago
Why would it NOT be OK for an owner to sell property THEY own? Why would you think that you renting property takes away an owner's rights?
The only thing the law has to say on the subject is that if there is a written lease in place, the new owner of the property must honor that lease until it expires. After 8 years, unless you keep signing renewals every year, you have become a month-to-month tenant, in which you AND the landlord can end the tenancy at any time simply by following state law on advance notice. A new owner could give you notice the day after they take ownership, and you will have to be out by the end of the notice period.
- GEEGEELv 711 months ago
Sure. If you have a lease the new owner is required to honor it, until its term runs out. If you are month to month, that can continue, or not, depending on what the new owner wants to do.
- How do you think about the answers? You can sign in to vote the answer.
- realtor.sailorLv 711 months ago
The new owner must honor the terms of your lease!
- SlickterpLv 711 months ago
Yep, their property, they can sell it whenever they want.
- babyboomer1001Lv 711 months ago
Why are you asking us and why wouldn't it be okay? Why wouldn't an "OWNER" have the right to sell his OWN house?
- JudyLv 711 months ago
Of course it's OK - HE owns it. why wouldn't it be ok?
- Pearl LLv 711 months ago
its their house, if you want it ask them if you can buy it
- MamawidsomLv 711 months ago
Okay in what way? Any property owner has the right to sell that property. If you have a lease and the sale of the property might happen before the end of the lease, you have some rights in terms of terminating that lease. In all cases, it would be appropriate for the owner/landlord to inform you of his intentions. You also have the right to 24-hours notice (or whatever is in your rental agreement) for any showings.
Call your landlord. Find out what's going on. Negotiate reasonable expectation, etc.