Landlord Selling House After 4 Months into a One Year Lease (tenant, security deposit)

[Enzley]

I rented a house on a one year written lease. After four months, the landlord has informed me that he plans on selling the property and moving to another state. The listing agent has even come by intending to look at the property. What are my rights? Does the lease transfer to the new buyers?

[KonaKat]

Generally the lease must be honored unless they buy you out or you just agree to vacate. Be sure that you know what happens to your security deposit - is the new owner going to manage the unit himself, or is he hiring a management firm? You need proof in writing as to where your deposit is held.

I just had almost the same situation happen after 1 year and 2 months into a renewal lease of 6 months, the owner decided to sell. We have another condo on the same property becoming vacant so the seller is waiving most of the move out requirements, the tenant is going to move into the other unit by a certain date, plus the seller is going to subsidize their (new) higher rent amount for a period of time equal to their original lease in his condo. Everyone is happy. Only costing the seller a few hundred dollars.

[NoMoreSnowForMe]

Legally, your lease is intact. One owner can transfer the lease to another, but your rights stay the same.