What does it mean for me if the property I'm renting is "For Sale"?
For Sale Quick FAQ
1. Why was I not informed the property was being sold when I applied and moved in? See below.
2. What happens with my tenancy if the property sells? See "Types of Rental Agreements" below.
We are sorry if it is a shock that the property is being sold. As a reminder, RPM does not own the rental properties we manage. The Property Owner has the right to sell their property at the time of their choosing and, although we ask that Property Owners to notify us, it is possible that RPM may not even know it is for sale until the property has been sold (if it's a quick private transfer). Every situation is different, but it has happened that a Property Owner quickly sold their property and the Manager only found out when the new owner called to ask for them to be their Property Manager!
That being said, just because the property is being sold or has transferred ownership does not mean you lose your rights as the Tenant. If you've been renting the property for a long while, chances are that you call the place home and really mean it. You have collected hundreds of happy moments associated with this place, you know all its ins and outs, and maybe you even dream about it while being far away. This is your home.
That’s why most tenants feel frustrated and confused when it turns out that their ‘home’ has been put up for sale. Oftentimes, it feels like a combination of surprise and anger and stress all rolled into one. You are overwhelmed by questions you have no answers to: How could my landlord do this to me? What are my rights? Is this even legal? How soon should I move out? Is there any chance to stay?
To begin with, there is no need to get too stressed. Just like the majority of problems on this planet, this one has a solution. The fact that your rental home is available for sale does not automatically mean you should grab your bags and saunter off into the sunset. After all, you have your tenant rights and they are meant to protect you exactly in situations like this.
So let’s dig deeper and find out what landlord-tenant law says in this regard and how to minimize your loss – both mental and financial – when you find out your rental home is available for sale.
Quick fact: your course of action and those of the owner after the property sells will depend greatly on the type of rental agreement you have.
Types of Rental Agreement:
- Month to Month - New Owner may continue the month to month tenancy or may terminate the tenancy with a 30 or 60 day notice.
- Lease - Your tenancy lasts until the end of your lease regardless of ownership change. The new owner may wish to renew or not renew when the lease expires.
Regardless of the type of rental agreement you have, know that the owner, real estate agent, or a property manager, for that matter, cannot just enter your home willy-nilly. All parties must provide notice when they wish to conduct a showing.
The notice to enter and show the property must:
(1) be at least 24 hours in advance [6 days, if mailed],
(2) identify the date and approximate time of entry, which must be normal business hours
(3) state the purpose of the entry
(4) be written [unless a 120 notice was given and has not expired, which then permits telephonic or personal oral notice]
(5) be handed to you, left with a responsible person, put under the front door or mailed [not faxed, on door or in mailbox]
(6) not be abused
Realtor, Sold, For Sale, Real Estate Agent, Rights, Buyer, Seller