My landlord is selling... now what?
While renting can have its perks… home maintenance is handled, you can move without having to try and sell a home… it certainly has some downfalls, as well. One of the biggest is that since you don’t own the property, should your landlord choose to sell, they can—even if you live there.
That doesn’t mean you are out on the streets immediately, after all you do have rights too! For example, if you are on a month to month lease most states will require a 30-day written notice to vacate should the landlord sell. However, this is dependent on where you live so be sure to research this. Now if you are on a one or two-year lease then you likely will have the legal right to stay in your residence until the lease is up. But be aware that there is such a thing as a “lease termination due to sale” clause. Be sure to check if your lease agreement contains that clause because if that is the case then what ever is stated in that clause will stand with the selling of the property. Also, it should be said that your landlord may sell to another person who plans to use your home as income property so there is a chance that you could stay where you are but the lease terms will be determined by your new landlord.
Do you abhor the thought of someone being able to kick you out of your home? I mean you make a monthly payment on it, that’s where you find your peace and solace at the end of a rough work day! And let me tell you, rental rates are just climbing so to say its saving you money isn’t right either. In fact, many people find that their mortgage payment is less than their rent. It certainly doesn’t hurt to look into homeownership! Check us out at www.smcapproved.com and find a loan officer that is near you; you can work with one remotely of course but it’s kind of fun to run into them at your local Kroger! If you can’t decide on who to work with give us a call at our main number and we will put you in touch with someone!
Sources:
http://www.realtor.com/advice/rent/my-landlord-is-selling/