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Can landlord sell? We have a lease! by Erin (Ca) on February 3, 2012 @20:38

                              
We signed a lease agreement for a 1 year term, 6 months later the owner has informed us that they are short selling the home. They said we could stay rent free until the house sells. My question is are we still able to stay through the term of our lease if the house short sells? By us not paying rent make the lease Null and Void? I want to be covered and have the realtor revise the lease agreement to reflect the new changes, but she said she can't do that? HELP!

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Re: Can landlord sell? We have a lease! by Jake on February 3, 2012 @21:21 [ Reply ]
You have the best of all worlds. Your landlord has agreed to stop collecting rent. The new owner will have to honor your lease if the house does sell before your lease expires. If the house does not sell, you can continue to live there rent free until it does. The free rent could drag out forever. And, believe it or not, the bank may eventually pay you to leave. Do not have anyone revise the lease.
Re: Can landlord sell? We have a lease! by Bryan (Ia) on February 3, 2012 @21:56 [ Reply ]
Al you need is lease addendum stating that you are not required to pay rent to the current until the property sells. This protects you from eviction due to nonpayment. Do not change anything else.

Leases survive sales. In other words, the new owner must honor any leases in place at the time of the sale.
Re: Can landlord sell? We have a lease! by Anonymous on February 3, 2012 @21:58 [ Reply ]
I wouldn't complain if you are getting free rent until it does sell. Odds are you probably will have to move but like other poster said maybe the bank will give you some money to move. Be sure to keep some of the money you are saving for moving expenses in case you get nothing from the bank.
Re: Can landlord sell? We have a lease! by Erin (ca) on February 3, 2012 @22:15 [ Reply ]
Here is the revised agreement from the landlord.
This is to serve as notice that under the direction of xxx(Owner/Landlord of xxx) xxx have been instructed to not pay rent for the month of February. From this point until escrow closes they will be advised on a month to month basis if they are to pay rent or not as the home is currently going through a short sale process. This does augment the current lease agreement and the Renters (xxxx) and Landlord(xxx) are okay with this current agreement.

From what I have been reading the lease survives the short sale so if I agree to this revised agreement will I be putting myself at risk for an early termination of the lease? I would love to stay here rent free for as long as possible, but if the house sells next month will I have to leave because of the new agreement. See my dilemma?
Re: Can landlord sell? We have a lease! by Patse (IL) on February 4, 2012 @09:19 [ Reply ]
no matter if short sale or foreclosure (which is probably coming) the new buyers could demand before closing that the property be vacant - be ready for a 30 day notice.
Re: Can landlord sell? We have a lease! by Shell (New Mexico ) on February 6, 2012 @23:28 [ Reply ]
When they sell, they sell the lease with the house, so the terms would still apply once the new owner takes over; i.e, they can't up the rent or change the length of the lease. Sounds like you might be ok, especially since you don't have to pay rent right now. I don't believe they can backcharge you for rent that wasn't paid to the previous owner, but I would get it in writing from the current landlord.

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