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Is Your Landlord About To Sell Your Rented Accommodation? Take Note

Is Your Landlord About To Sell Your Rented Accommodation? Take Note

Is Your Landlord About To Sell Your Rented Accommodation? Take Note
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There could be many reasons due to which your landlord wants to sell the property he has rented out to you. These could include, suffering a cash crunch, unable to manage the rental property, relocating to a different city, or he doesn't want to be in the renting business anymore. Reasons aplenty, the sale of the property rented by you can pose some difficult time for you. So, what is it that your landlord and even you as a tenant need to do to ensure that neither of you face any roadblocks? MakaaniQ lists five things you need to know as a tenant:

When do you move?

Your landlord suggested that he plans to sell the property you are living in. So, when do you move out of the property? It is suggested that the landlord must provide you with a 30-day notice. The landlord, in case, has just started the process and is expected to take time, he could allow you to stay for a longer period. In case of an 11-month lease, the landlord could also check with the buyer if he/she could wait until the lease is over for you to move out.

Know the lease termination clause

When signing the lease agreement, do read the lease termination clause. But, now, go back to your lease agreement and see if the landlord has mentioned about a termination due to sale of the property. So, whatever is stated in the clause is agreed upon, hence, you will have to abide by it. So, in case you still have five months before your 11-month lease ends, if the clause says a 30-day notice, then you have to do so.

Suggestion for next time you rent: Read the clause and know that you can negotiate the notice period.

Security deposit?

Thinking what happens to the security deposit you paid for your 11-month lease? The landlord will have to return it back to you. While this process may take 14 days to two months, nothing can be deducted from this deposit.

Look for relocation allowance, too

In case there is no such termination clause due to sale, the landlord can always pay the tenant to vacate. It is a way of compensating the loss you will incur to move to a new accommodation, a move which was not planned. A landlord could compensate the difference of rent you will be paying in the new accommodation, in case it is higher; he could compensate the moving cost and any other financial help the landlord could afford.

Also Read: Why You Should Get Your Home Loan Pre-Approved

Last Updated: Thu Dec 20 2018

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@@Fri Jul 05 2019 13:15:19