For many renters, it’s among the worst-case scenarios: Your landlord notifies you that the property you’re renting has been put up for sale.
Of course, landlords have the right to sell their property. But just because your house or apartment is going on the market doesn’t necessarily mean you’re out on the street right away. As with other landlord-tenant issues, it’s a process.
So, what happens when your landlord sells your rental, and what does that mean for your lease? Here is what you need to know:
* What does your lease say? The first thing you should do is read your lease, says Mike Carroll, a senior attorney with Community Legal Services of Philadelphia’s housing unit. There, you may find a “lease termination due to sale” clause – though it’s somewhat rare.
“In a majority of cases, the lease is silent about what happens in a sale,” Carroll says. But if it is there, it will explain what happens if the property is sold, including how much notice you’ll get before you have to move out. Typically, it will be between 30 and 90 days.