Rental for sale - Landlord Forum thread 350028

Rental for sale by Anonymous on January 8, 2017 @15:20

What happens to a tenant if a property currently under lease goes up for sale?

The landlord is not required to fulfill the remainder of the lease before selling, correct?

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Re: Rental for sale by Anonymous on January 8, 2017 @15:42	[ Reply ]

The specifics can vary state-by-state (you didn't specify your location), but generally the lease remains in effect, but transfers to the new property owner. All security deposits and other collected funds also transfer to the new owner. Unless this is going to remain a rental property, quite often the buyer will want the property to be free of tenants before the sale takes place. It's common for the seller to give the tenant an incentive to leave early...a couple months rent, immediate refund of the security deposit, something along those lines.