Leesburg, VA asked in Real Estate Law for Virginia

Q: Our rental agreement is through 2024 and we’ve rented from same owner for 7 years, but the owner has decided to sell.

We were just notified by a realtor our landlord wants to sell their house. Of course, we’ll try to work out an amicable purchase price from our landlord, but he believes his property is more valuable than the current market dictates. What should we do to in the interim to protect ourselves knowing a new owner could be involved soon? As mentioned, we have lease with four years remaining. Thank you.

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2 Lawyer Answers
Richard Sternberg
Richard Sternberg
Answered
  • Potomac, MD
  • Licensed in Virginia

A: You may want to review your lease with a lawyer. If it is valid, it should be unaffected by the sale. The new owner will take subject to the lease, and, in recent markets, a home valued as a rental is usually worth less than a home for owner-occupancy. If you want to buy, you may want to have a lawyer assist you.

Elizabeth Crego agrees with this answer

Ross Cameron Hart
Ross Cameron Hart
Answered
  • Salem, VA
  • Licensed in Virginia

A: Your rental agreement is for more than a three year term, and so to protect your interest it should therefore be 'recorded' in the Clerk's Office of the Circuit Court for your where you live - to do that it needs to have a notary which I'm betting it doesn't.

To protect your interest see a lawyer who is experienced in both real estate law and landlord-tenant issues.

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