How to Keep Your Lease if Your Landlord Sells the Property You're Renting

If your landlord sells the property you're renting, you may be able to keep your lease when the property transfers to new ownership.

Difficulty: Moderately challenging

Instructions

Things You'll Need:

• Real Estate Attorneys
• Rental Agreements

1. Make sure you have a written lease with your present landlord that covers a specified period of time.

2. Try to negotiate a new lease with the present owner before the property is sold, especially if you do not have a written lease.

3. Read your lease to see if the rental documents address your rights to continue renting until the end of your lease, even if a new owner purchases the property.

4. Be aware that rental agreements may change with a transfer of ownership, but most state laws require new owners to uphold the terms of existing rental contracts.

5. Contact a real estate attorney about your rental rights under a property transfer in your state, if you have a long-term lease (more than one year) or a lease without a specified end date.

6. Make a new rental agreement with the new owner when your current lease expires.

Tips & Warnings

• Laws in your city or state probably give you the right to live in the property until the end of your lease, but it's wise to check with local housing authorities or a real estate attorney about your rental rights when the property is sold to new owners.
• Landlord-tenant laws vary from state to state, so always protect yourself by checking with community housing authorities or a real estate attorney about the specific rental laws in your area.

on 11/22/2005 When you hear that the property has been sold, try to contact the new owner, introduce yourself and make a proposal. If the new landlord doesn't have plans, your taking the initiative may persuade him or her that you're a responsible and desirable tenant.