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I am most likely now to Rent, and this is not a good area for apartment buildings, so will probably rent a house.
But I am concerned about the Owner of the property. If he can't/ doesn't pay mortgage or taxes, the house can be foreclosed on. I suppose IRS could also put a lien on preperty if he owes taxes. There's probably a few other ways that the house can be sold out from under the Owner.
So it is important that there be some means of protection in my lease to make sure that I am not put out if the Owner gets in troubles. If he sells the place, I know it is sold subject to my lease. But I'm not sure that applies to other things that can happen.
Anyone have a good protective clause I can add to lease in NY State (Not NYC)?
If he loses the place, what are you going to do? You can't get blood from a stone.
Best advice is to file the lease with the county clerk's office. This gives you notice rights in a foreclosure action. Should a lis pendens notice (pre-foreclosure) be filed, you would be named on it and served as well. This won't affect your credit.
I'd put something in the lease that gives you the right to break the lease should there be any foreclosure related actions against the landlord, and make sure your security deposit is held in an escrow account or attorney's trust account--all too often a bankrupt/foreclosed on landlord doesn't return the security deposit, and like I said, if he's bankrupt there's not much you can do.
Rent a house in San Francisco... the Board of Supervisors implemented emergency legislation to protect tenants when a lender forecloses... basically, the lender has to honor the rental agreement if the tenant is not in breech
Even if the landlord is current now doesn't mean he will be later. I suppose the only clause in the lease you could have to benefit you is to be allowed to leave with a 30 day notice in the event foreclosure proceedings are begun. There's nothing you can add though that will keep you in the house. At that point, it's not up to the owner.
Even if the landlord is current now doesn't mean he will be later. I suppose the only clause in the lease you could have to benefit you is to be allowed to leave with a 30 day notice in the event foreclosure proceedings are begun. There's nothing you can add though that will keep you in the house. At that point, it's not up to the owner.
Counts both ways...if the tenant has a good rental history or job history it doesn't mean it will stay so...If a LL stops paying his bills it takes at least 2 to 3 months before a lien can be on the home and in todays market it takes more than a year (in my area) to foreclose, we even have homes that are in foreclosure for over 2 years.
Next to me the owner gave the keys back to the lender and left and it took 1.5 years to foreclose...the procedure is a very long one.
Unless the owner is already in foreclosure when the tenant moves in, it will not affect the first years rent...the LL might not pay the mortgage but it isn't (unfortunately)the tenants business what the LL does with the rent amount.
Counts both ways...if the tenant has a good rental history or job history it doesn't mean it will stay so...If a LL stops paying his bills it takes at least 2 to 3 months before a lien can be on the home and in todays market it takes more than a year (in my area) to foreclose, we even have homes that are in foreclosure for over 2 years.
Next to me the owner gave the keys back to the lender and left and it took 1.5 years to foreclose...the procedure is a very long one.
Unless the owner is already in foreclosure when the tenant moves in, it will not affect the first years rent...the LL might not pay the mortgage but it isn't (unfortunately)the tenants business what the LL does with the rent amount.
That may be the case in your state, but not in all. I know many stories of tenants forced out in their first year b/c the owner didn't pay. The amount of time it takes depends on so many factors, including the jurisdiction's procedures, the number of cases that jurisdiction is processing, the vigiliance of the bank in going after the owner and the vigilance in the owner in fighting the bank. I think it's misleading to tell someone they won't be affected in their first year. Under the right circumstances, they most certainly could be.
So I found the place, and am provided with a standard preprinted lease for an apartment complex. Problem is, this is a single home in a Condo Community.
I ask to make changes to make it relevant to the situation.
I ask that there be a clause that the Owner represents that he is paid up on COndo Dues, and if he fails to pay those dues, I can pay them & deduct from rent. If he does not pay those dues, I am pretty much locked out of the Community as it is gated.
I also ask that I be able to terminate the lease if the Owner goes into foreclsure or has a receiver appointed. I also asked that the same languaue be put in for the reverse.
Many repairs need to be made - went through with Agent & he said This Will Be Fixed & That Will be Fixed. But he refuses to do a Punch List of what needs to be fixed, just saying it will be.
I also ask for an Address of the Owner, or some means of contacting him - who holds Power Of Attorney, or Agent for service of Process or the like. Owner lives in Europe.
Agent says "NO - there will not be any changes." We are using this form as is.
I don't see how I can rent this place under these circumstances. Unfortunately, it is the only place that reaally meets my needs right now in a location I want.
Don't do it. There are so many red flags there, the biggest one being the owner is out of the country and won't provide you with an address. I know it stinks, but I'd find another place if I were you.
I heard from tenants who couldn't get a pool access card due to the owner never paid his HOA fees and the person who signed the lease as a LL wasn't the owner but a family member...check it out.
I know usually things will be okay, but just to be safe.
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