Landlord is Short Selling Rental…
I have a 12 month lease agreement. The Landlord is now short selling the home. Is this a breach of our lease agreement? If so can I just live out the last month ? What can I do to protect myself?
Edited on: Wednesday, December 8th, 2010 10:55 pm
One Response to “Landlord is Short Selling Rental…”
April 14th, 2009 3:26 pm
Due to the current mortgage industry problems we are seeing more renters like you that are concerned about what happens after a landlord â€śShort Sellsâ€ť their property. Short sell refers to a person (landlord in this case) that sells his property before the bank forcloses on the property. In the case of a short sell the buyers are obligated to comply with the original agreement made with the renters living in the property. This means that they cannot evict you or force you out of the rental, simply because they bought the property. Laws require new buyers to comply with the agreement set by the previous owners. So if you have lease agreement that expires in 18 months, you can live out your lease. (Most likely it will not be renewed at the end of the agreement) Keep in mind that it is common for new buyers to force you out, even though they donâ€™t have the right to. (If this happens you should immediately file a landlord complaint with the RPA) Your landlord has the right to sell the property regardless of the reason, so even though they sell; they are not breaching any agreements made with you. You can live out the last month as long as it is the last month of the contract. If you are asking whether you can move simply because the landlord is selling, the answer is no. However, due to the type of situation it may be suggested to get the help of the RPA Landlord Tenant Mediation Center. The RPA might be able to help you make arrangements to end your lease early. Mediation is probably the best way to protect yourself from future problems that may or may not ariseâ€¦ It will allow you to take control by setting the stage and explaining what you feel the landlord should do in order to accomodate your needs. DO NOT WITH-HOLD RENT!!! You will be evicted, and it will hurt your credit.
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