I have been in this rental property since June 2010. I have been on a month-to-month lease since June 2011. The broker for the homeowner stated she has a few investors interested in the property and i can remain in the home under certain conditions. 1. I sign a 6 moth lease. 2. The rent will decrease to $900.
My problem is that i have plans to move within the next 6 months or sooner and i am not wanting to sign a 6 month lease and I want to stay on the month-to-month lease. If the home is sold before i move out and a transfer of ownership and new property management company occurs, what will happen to the lease terms from the original lease? Such as: conditions of the property noted on the lease prior to movie in. My deposit. etc. I don't want to sign a new lease and break it.
The broker called me yesterday and said that the Investor would be willing to let me stay in the home but i would need to sign a 6 month agreement and they will include stipulations for me since I will be moving. They will allow me to break the lease if i give them a 60 days notice and i dont have to be in the home the entire 60 days. In all of my years of renting, i have never came across this issue. I dont feel comfortable signing anything. I will be happy to move but i think the broker is trying to sell the home as a rental property investment with an occupied tenant. The home is also in the beginning stages of foreclosure and they are trying to go through a short sale.
Family Law Attorney
Because the term of your original lease expired and you are currently in a month-to-month tenancy, you no longer have the protection of a lease. Thus, if the home is sold before you move out, you would need to vacate the property by the end of the month. You would still be entitled to a refund of your security deposit (aside from any portions rightfully withheld for damages exceeding normal wear and tear); which would be owed by the new owner. And the condition of the property at your time of move in would still be relevant in determining what if any damages are attributable to you.
I hope this information helps answer your question(s).
~ Kem Eyo
The above answer is a general explanation of legal rights and procedures. It does not constitute legal advice. Nor does it establish an attorney-client relationship between the individual posting the question and the attorney providing the answer.