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.
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
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.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.