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The building in which our apartment resides is now for sale. Several tenants are on a month-to-month lease after original lease expired.
Am I correct in these assumptions:
1-If new buyer wishes for units to be vacant at closing, they will have to write this into the contract and the current landlord/owner will have to give current tenants 30 days notice (so units are vacant at closing)?
2-If new buyer wishes to keep tenants, but change terms (i.e. increase rent, sign a year lease), they will need to wait until closing when they are in possession of the house and at that point, present current tenants with new terms. If current tenants agree to new lease terms, follow new terms. If current tenants do not agree to new lease terms, they will have 30 days to move?
Yes, for those on a month-to-month. Anyone with a current lease for longer has to be allowed to stay except for certain conditions like the owner wanting to reside there.
It should state in the lease that in the event of a sale of the property, the lease will remain in full force and effect until it expires. A new owner has to abide by any current lease. Terms can only be changed if the tenant agrees.
A month to month tenant has to be given 30 days notice to change anything.
Check the local state and or county laws for any variance to the usual and customary laws.
I can't imagine why anyone would buy an apartment building and then kick everybody out. Unless the building is being purchased for a condo conversion, which is extremely unlikely in this real estate market. Kicking everybody out means that the income stops.
The new owner can not do anything with the building or tenants until he owns it, which will be after closing.
It's possible that there will be a "house cleaning" and difficult tenant might be kicked out by the new owner.
Yes. Count on the new owner wanting everyone to sign his own rental agreement.
Thank you, all
It's a multifamily, so it's possible a new owner may want to live in one of the units and continue to rent out the rest.
Hoping it doesn't sell, but preparing for the worst....
The building in which our apartment resides is now for sale. Several tenants are on a month-to-month lease after original lease expired.
Am I correct in these assumptions:
1-If new buyer wishes for units to be vacant at closing, they will have to write this into the contract and the current landlord/owner will have to give current tenants 30 days notice (so units are vacant at closing)?
2-If new buyer wishes to keep tenants, but change terms (i.e. increase rent, sign a year lease), they will need to wait until closing when they are in possession of the house and at that point, present current tenants with new terms. If current tenants agree to new lease terms, follow new terms. If current tenants do not agree to new lease terms, they will have 30 days to move?
Thank you
Yes, you have it all covered!
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