Landlord BuyOut (sales, rentals, lawyer)

[Jade606]

Hi,

My landlord is selling the house I'm currently living in. He states that he is going to buy me and my family out but only once the deal closes(once he cashed the check) and when he gives me the money I have to immediate move out. I was wondering is this legal? Don't I get a time period to move out?

[flyonpa]

Do you have a Lease?

You can stay until the end of your current lease. The new owner has to live by the terms of current lease.
What the landlord might be doing / asking for is called "Cash for Keys" He pay you to get out early.

Normal "Cash for Keys" deal is:

Return of all your security deposit, as long as you have not trashed the place.

A "Free" month while you move from one place to next so you don't have to pay rent in two places for part of the month.

Maybe some of the moving cost, The longer there is left in lease the more they should cover.


FootNote: In the sales agreement with the owner, the new Buyer/owner may require the Current owner to ensure the property is empty. So you would need to be out before the closing. (And before the current owner has the Cash from the sale). Since its normal to do a walkthru of the property the day of, or day before the closing to be done. You need to be out before then, or the closing will be postponed, or deal will be canceled.

[Jade606]

Yes I have an one year lease. I actually just moved into the home in Septemeber and now he is selling the place. The new people who are buying the place wants to move in. So they should give me at least 30 days to move out, correct?

[flyonpa]

If you have a one year lease you can stay until 8/30/2016.

(Not legal advise... you need to talk to a lawyer for that).

The current owner need Instinctive you to move, by giving you cash for the keys before 8/30/2016 .

[Brian_M]

Flyonpa nailed it.... You are legal tenets until the end of the lease (guessing 7/31/2016, it's listed on the lease). The new owners are legally Required to honor that lease, the only exception is if your rent is Substantially lower than market rates (called a "poison pill" exception).

If you're willing to move, then start talking with your landlord. It's all negotiation from there, but understand that you are in a position to ruin his sale... and if you do, HE is in a position to cause you endless misery with 'oops' after 'oops' while handling payments, coordinating site inspections/maintenance, etc... Show good faith but demand good compensation and things ought to work out well enough.

Were I in your shoes, I'd be asking for more details and getting them in writing with the landlords signature. When do you have to be gone, what EXACTLY is being offered in compensation for breaking the lease early, don't think just money... maybe they have other rentals, a moving truck, can offer other services in compensation that have nothing to do with renting/moving. I also would be looking for rentals ASAP... no way I'd want to keep living somewhere I wasn't wanted, especially if it means the LL loses money/have to hold onto a property they no longer want.