What Happens If Your Landlord Decides To Sell Your Rental Property?
It can happen when you least expect it, a letter arrives with the news that your landlord wants to sell the house you are renting. First of all, try not to panic; you will be able to find another rental property.
At this point it is a good idea to find your tenancy agreement to see how much control you have over what happens next.
Generally, your landlord is required to give you a reasonable amount of notice but this time period may vary depending on the terms of your tenancy agreement and which state you live in. Rules and regulations tend to be slightly different from place to place, so it is worth investigating it further.
Some important things to know is your landlord cannot evict you immediately if they want to sell the house if you are on a fixed-term lease.
However, if you are on a periodic lease agreement the terms will be different. The notice period and the specifics will vary from state to state so if you are unsure, it is recommended that you seek advice.
Depending on the situation, your landlord may not even want you to move out because a property with tenants already may be quite an attractive proposition for investors wanting to get into the property market.