Our land lord is selling the property we live in, and we don’t want to stay, what are our options?
We just got word (7 August) that the landlord will be selling the townhouse we are renting. We don’t want to be here under new landlords – we got a really great deal on this place and we are just sure that the next owner will raise the rent to fair market – other townhomes on our street are renting up to 00 more. We would not be able to afford this and then be forced to pay to move ourselves – we’d be moving two boats and three cars in the middle of winter (the lease is up 10 January), with a dog and three small children and no family nearby to help.
Our initial idea was to negotiate with the landlord and/or potential buyers – maybe they would want us out to take possession and move themselves in. If they would pay our moving expenses to another place in town, we would go immediately.
My question is – Is this common, likely, feasible, within our rights? Are there any risks in offering this deal that maybe I haven’t seen?
So we know we can’t break the lease, but can we negotiate out of it? Such as – the listing agent could add to the listing something like "tenants willing to vacate with 00 expenses paid".
Has anyone ever heard of this?
January 21st, 2010 at 11:50 pm
Yes it’s common.
If you think the market and the property would support an increase. Ask the new owners if they want to renegotiate a new amount now, one that is good for both of you, or buy you out now, so they can get on to higher paying tenants?
May be renegotiate an extension into next June or July.
January 21st, 2010 at 11:50 pm
If you have a written lease agreement, you should read it carefully to see what our "out" options are. If you do not have a written lease, you are paying month to month, then give the current landlord 60 days notice and begin to find a new place. If you stay with a written lease, and the new landlord takes ownership to property, he is bound by the leases in place. He can’t change them. So if you have a lease, read it carefully. Don’t do anything to jeopardize your security deposit.
January 21st, 2010 at 11:50 pm
If your lease is until Jan 10, then you have to stay there until Jan 10, unless the new owner doesn’t want tenants. More than likely, the new owner will want the townhouse as their home and part of their purchase negotiations will be to have the current tenants vacate the property. If that is the case, then you can negotiate something with the current landloard to "help" with moving expenses.
If you try to negotiate now, you give up a hand in the bargaining process. The landlord knows you want to leave and may not be willing to make many concessions. As a property owner, the property also shows better if there are people living in the home. If he allows you to leave now, he has a vacant property with no income until he can sell it.
I would recommend that you stay put, keep quiet and see what happens.