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I need to foreclose on my condo in DC at which I currently have tenants and can't wait until the end of their lease. How much notice must I give them? Is there anything else I need to do or be aware of? I've heard there are some quirky things about DC real estate law and that it heavily favors tenants. Could they sue me for breaking a contract? Thanks so much!
Are you saying you're the condo's owner, subject to a lien, and you need to default on the lien's loan, presumably leading your creditor to foreclose on your condo? If you're in that situation, you need a lawyer, not a message board.
I agree with the lawyer. I had a woman in the house that I own and rent that refused to leave..that was a nightmare getting her out. You could still show some courtesy and let them know that they are going have to move out by a certain date, so that they will have time to find a place etc. Most people (I use that term loosely) will understand and move out, but if you drop a bomb and give them a few days to get out you might end up with a disaster.
I'd just explain the financial situation you're in to the tenants as quickly as possible.
This could be very serious - they may be understanding if you say "I have no money. I'm losing this place." and give them enough time to get out. I mean - **** happens.
Definitely give them a lot of time to move out. Maybe cut some breaks on the rent as well, if that's possible. Be as accomodating as you can because you are probably on the wrong side of the law.
The lease actually survives foreclosure so you cannot evict them (and neither can the new owners). This page comes up when you search Google for DC foreclosure tenant law so it's worth updating it.
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Foreclose?
