Renters Dilemma - Urgent Response required (for sale, foreclosure, condo)

[renter221]

Hello All,


I am planning to rent a condo from an owner. Recently we found that the same condo is up for sale and has Contingent with Kickout clause.
1) WHat does this mean?
2)Should we go ahead with the lease or annul the lease and move into a new place?

The current owners are denying that it is for sale and they say it is only for refi.

3) We have asked them to make changes to the lease and ensure that we will occupy the place for the next 1 year with the same rent.
4) Should we make any other changes to the lease?
5)Also, even if the current owners make such changes, would it be valid once the house gets sold?

We have also given a security deposit.
6) Would it make sense to stop payments on that check?

I am sorry for a ton of questions. It would be great to get an answer on this ASAP so that we can make required changes and also sign a new lease if required.

Thanks.

[Margery]

A contingent with a kick out clause means there is a contract on the property that has been accepted by the owner, the kick out means (if used correctly, often it isn't) means there are contingencies in the offer that will cause the owner to "kick out" that contract if the contingencies are not fulfilled. It definitely means the property is up for sale. When a property is sold that has a tenant in it, the sale is subordinate to the lease meaning the tenant continues to live there until the lease expires. THERE IS A BIG EXCEPTION TO THIS! If the property is being sold due to a foreclosure the terms of the lease no longer apply and the tenant can be evicted. If you will direct message me I will attempt to find out for you what the situation is as far as the sale goes. If you used an agent for this, your agent will be able to find out this information. I will need the address of the property.

As far as the security deposit goes, the check should not be cashed by the landlord until you sign the lease, unless an exception is noted in the application. Please read all the paperwork you signed, this should give the information you need.

As I said before, I will be happy to find out what I can for you but don't wait any longer to find out what is going on.