NV - Potential tenant's right on a property for sale (tenants, documents)

[car2men]

This is NV. I have my property for sale for quite awhile now. I had previous tenants who moved out. I had a short sale which fell through so it is now back on the market for sale again. Now I have found a potential tenant who wants to move in on 7/30/11. I am current on the payment and I do not want to foreclose on this property so I want it rented out while it's for sale. What are the tenant's rights during this process? Potential tenants want at least a 6-month lease, renewable after expiration if property has not been sold. If it sells, can new owner evict the tenant? What is the law in NV on short sale that is not in foreclosure?

[rjrcm]

Suggest you review these documents:

Tenant Rights, Laws and Protections: Nevada

Generally, a new owner will have to honor the existing lease.

[car2men]

Originally Posted by rjrcm

Suggest you review these documents:

Tenant Rights, Laws and Protections: Nevada

Generally, a new owner will have to honor the existing lease.

Thanks! I read this, and it does say on a foreclosure the new owner will have to honor the existing lease. It does not say anything about short sale that is not in default.

[rjrcm]

Originally Posted by car2men

Thanks! I read this, and it does say on a foreclosure the new owner will have to honor the existing lease. It does not say anything about short sale that is not in default.

There are some exceptions for a foreclosed home if the new owner will occupy the home. Then they can give the tenant a 90 day termination notice regardless of the existing lease.

A short sale in default or otherwise would be considered a "normal" home from a leasing perspective and required to honor the existing lease per the lease contract and state laws. Of course, from a tenant's perspective, they should be concerned about the outcome should it go into foreclosure.