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Old 05-16-2016, 07:13 PM
 
110 posts, read 201,498 times
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We are negotiating a 5 year lease with a very elderly man. At a meeting today he mentioned that his property
would revert to his estate upon his death ending our lease early. So, if he died a year into the 5 year lease, the lease would be null and void.

My husband and I want to add a clause to the lease stating that we are, in fact, protected for the full 5 years of our tenancy, regardless of when he dies.

Can someone help me? Is there a name for the kind of clause we want? We'll call our lawyer, but I thought I'd drop by here to check in.

Many thanks!
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Old 05-16-2016, 07:20 PM
 
434 posts, read 507,122 times
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Is this a residential lease? Five years is an incredibly long lease term. In regards to your actual question, IIRC from my (sub-par) licensing class, you'd be out of luck if he passes during your lease, but that's definitely a question for an attorney.
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Old 05-16-2016, 07:45 PM
 
110 posts, read 201,498 times
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Yes, it's a residential lease and we want 5 years. We're very dug into the community here but cannot afford to buy.
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Old 05-16-2016, 07:46 PM
 
Location: East Coast
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Generally, death releases a party from a contract, so I'm not sure if this is possible if the landlord owns the property and rents it out in his own name (as opposed to on behalf of a trust or corporation or something.)

I'm not sure there is a way around this, as the state has an interest in wrapping up estates and property rights as quickly as possible. They aren't going to want to have to wait some additional amount of time for a lease to expire before disposing of the property.

If the landlord owns the property jointly with someone else, like a son or daughter, they could both be on the lease as landlords, and that would bind the surviving landlord. But this would require the landlord to want to do this, as well. If the landlord doesn't want to enter into a 5 year lease, or doesn't want to go out of his way to make sure you are entitled to that full 5 year leasehold, I'm not sure that there is much you can do.

Basically, if the landlord doesn't care, you can't force him to. But if he does want this to happen and is motivated to make sure you remain his tenants, there are things he could do to make this happen.

Definitely speak with your attorney to see if MA has some mechanism around this.
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Old 05-16-2016, 07:59 PM
 
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I'm amazed you found a landlord willing to sign a 5 year lease.

Have you considered offering to buy it from him?
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Old 05-16-2016, 08:53 PM
 
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We mentioned buying but he's not interested in selling! I was shocked. I'm not someone who prefers owning to renting, having done both, so it's not a big deal to me. Real estate is no longer the investment it once was and dh and I are getting close to retirement and can think of lots of ways to spend money than household maintenance, taxes, etc.!
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Old 05-16-2016, 09:20 PM
 
Location: North of Boston
3,672 posts, read 7,367,375 times
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Quote:
Originally Posted by thisiswater View Post

My husband and I want to add a clause to the lease stating that we are, in fact, protected for the full 5 years of our tenancy, regardless of when he dies.

Can't be done.
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Old 05-17-2016, 06:02 AM
 
Location: Columbia SC
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I believe one can file an ???attachment/note??? to the deed noting the 5 year lease and the new owner will have to honor such.
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Old 05-17-2016, 06:13 AM
 
466 posts, read 640,197 times
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But that would diminish the value of the property if his heirs want to sell, so what would be his motivation?
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Old 05-17-2016, 06:17 AM
 
466 posts, read 640,197 times
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You said you can't afford to buy, but then you also said you offered to buy from him but he's not selling. Making me think you are willing to pay below market value? Not sure I have a lot of sympathy for your plight here. The convenience of Renting comes with risk that you may need to move out. Hard to have it both ways.
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