Homeowner want to sell his house, tenants have one year lease what happens when new buyer wants to move in?

Asked over 1 year ago - Portland, OR

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Attorney answers (3)

  1. Troy Austin Pickard

    Contributor Level 17

    5

    Lawyers agree

    Answered . 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."

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  2. Kevin Elliott Parks

    Contributor Level 14

    1

    Lawyer agrees

    Answered . 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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  3. Sonila Isak

    Contributor Level 9

    1

    Lawyer agrees

    Answered . The homeowner may sell the house however, they are subject to any rights of a lease holder. However, they are not required to renew the lease in any capacity. Best of luck.

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