Tenants will always think the worst-case scenario if their rental property comes up for sale. From constant disruption through to be evicted and everything in-between. But, what are your rights, and do you have to move if your rental comes up for sale?

As a tenant, you have your rights. Without any cause, a current or new landlord must abide by the lease agreement. If the property you live in comes up for sale and you still have months left in your lease, then there is not much anyone can do to have you out. If you are on month-to-month though, the landlord can give you a 60-day notice to vacate and you will have to move.

The main reasons why you will be asked to leave the premises before or after a sale are as follows. A current owner would like to do some renovations prior to selling. They would like to offer the property with vacant possession to a prospective buyer. It is much easier to conduct inspections and stage a property without a tenant. At the time of purchase, a buyer may want to move in. Or, a buyer may want to renovate/update the property at settlement.

In many cases though, an investment property is usually sold to another investor. This means that the buyer will keep the property rented. If you have been a model tenant with a good history, there is no reason for the new landlord to want you out. Though something to bear in mind, is that you may receive a rental increase. When a new owner takes over, they want the most out of their investment, so they will most likely implement an increase at their first chance.

If your rental does come up for sale, then work in with the agent, keep the place clean and do everything you can to help with the sale. By doing this, not only will the agent bend over backwards to help you in the case you have to move on. But, you will also help the agent get the property sold quickly and the distraction of selling will be over before you know it.

 

DISCLAIMER

The following advice is of a general nature and intended as an opinion and broad guide. For all legal, financial or real estate advice you should obtain independent professional advice to do with the specific nature of your circumstances before making any legal, financial or real estate decisions.

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