Finding the ideal place to call home and live your life in can take a lot of time and effort. It is like shopping for a pair of shoes with the perfect fit. The more that time passes, the more likely you are to think of your rented home as your permanent residence. So what happens if your landlord decides to sell the property? You will probably be left feeling nervous about any changes that are to come. You might even become concerned that you will have to move out. The most important step to being prepared is knowing your rights as a renter. Conveymove, estate agents in Nottingham, have shared some of the essential things to be aware of.
Keep Your Lease Handy
Rentberry explains the differences between various leasing agreements. There are month-to-month contracts that renew every 30 days. In this case, your landlord will probably give you a 30-day notice to vacate the property if needed. On a fixed-term lease, things are a little bit trickier. Your landlord most likely will not be able to make you quickly vacate. This situation reflects a long-term residence, and will likely contain a detailed clause in the agreement, allowing you some insight into what will happen next.
Always start by reading the information that you already have. If you go over your current lease, you should be able to determine what is likely going to happen in the event of a property sale. Once you go over this information, you should do your own local research. In case your lease does not disclose the particular terms that you are searching for, you can always look up the information that pertains to your home state. A good thing to remember is that tenant rights trump property rights. Assuming you have a valid lease in place, you will be able to continue living in your home until your lease comes to an end, even if the new landlord wants you to move out.
You have probably heard a fair amount of terrible, stressful stories about landlords selling. But do not fear; if you are equipped with knowledge, you will be more likely to be able to navigate the situation with ease.
No Need to Panic
While it is always important to prepare for the worst, you might not necessarily have to move if your landlord sells the property. Realtor.com explains that you shouldn’t make assumptions once you hear the news of a potential sale. Sometimes landlords will intentionally sell to a buyer that is willing to keep the current tenant housed and sign a new lease with said tenant. While this is an ideal circumstance, it does happen quite frequently.
In the event that you do have to move, it is worth a try to speak with your landlord about a “relocation allowance.” While it is not always a given, it is worth putting on the table for discussion. Some landlords will provide funds to their tenants for any inconvenience that an involuntary move will cause. Certain cities have laws in place to protect their tenants and provide them with automatic allowances. Again, this is a matter of digging deeper and doing your own individual research on where you reside.
Set distinct boundaries with your landlord during any period in between you living in the home and him selling it. For example, he should not be allowed to turn off the water and electricity any earlier than when you are scheduled to move out. These are basic tenant rights. He also will not have the right to enter your premises unannounced (unless there is an emergency). Most people forget about these simple rights when they are going through an unplanned move.
Consult a Lawyer
If you have questions that you cannot find the answers to on your own, contacting a lawyer could be very helpful. A lawyer will be able to better explain terms and clauses that might not be entirely clear to you. Also, you will have someone to direct your questions to instead of doing the research on your own.
Before your first consultation, it is wise to have questions prepared. The following are some examples:
- I just found out that my landlord is going to be selling the property that I am renting, do I need to take any action?
- How do I determine when/if I will need to move out?
- Are there any laws that will protect me or assist me if I have to relocate?
With the knowledge that you gain, you will be prepared for any outcome of a property sale situation. You will also learn how to effectively communicate with your landlord while still making sure that your rights as a tenant are being honored.
Tags: If Your Landlord Sells, Know Your Rights, Nottingham, Tenant Rights When the Property Is Sold, What Are Your Rights If Your Landlord Sells