Criminal Defense Attorney
Nothing changes with respect to the tenant's rights to live there. The new purchaser takes the property as is, so if the property is encumbered by a tenant's one year lease, the tenant gets to finish out their lease.
If the new owner wants to move in, he may try to make a deal with the tenant, e.g. "I'll give you a thousand bucks if you move out by the end of May."
1001 Southwest 5th Avenue #1100
Portland, Or 97204
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A common tactic here for tenants to consider is a 'cash-for-keys' agreement, as my colleague Mr. Pickard explained, wherein the tenants offer to move and hand over possession of the premises to the new owners for some type of cash payment. While there's not necessarily any standard by which to calculate what amount of funds might be reasonable and/or possible in such a situation, factors including the amount of rent, the length remaining on the term tenancy, and the cost of moving, all can and should be taken into account when negotiating such a deal.
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