Renting while apartment is for sale

By Tenant

A tenant will be affected in several ways when the landlord or owner decides to put his investment property on the market.  However, if a fixed agreement was signed between the tenant and the landlord, the landlord cannot evict the tenant just because he decided to sell the property. The tenant can still continue to live in the property up until his lease agreement ends and the new owner of the house can decide whether he would still want the property to be rented by them or not.

Here are some fast facts all tenants should know if the owner decides to sell his investment property.

• A notice of lessor’s intention to sell the property must be given to the tenant indicating in what way the owner wants to market his property.
• Before holding any open house or onsite visits to the property, the landlord must provide a written request to the tenant and if the tenant approved the request then and only then can the landlord hold open house and onsite visits.
• If the tenant was not informed of the rental property being put to the market at the time of signing the lease agreement then the tenant has the option to end the lease agreement by giving the landlord a two weeks’ notice to quit.
• If the property owner decides to hire an agent to sell his unit then the selling agent also needs to give the renters of the property a copy of the entry notice before he can enter the property premises.
• A notice to vacate from mortgagee to tenant is given if and only if the rental property is recuperated by a financial institution or a bank in which the bank did not agree to the property being rented in the first place. The financial institution can give the tenant two months to leave the property and 30 days if the property is used for rooming accommodation.

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