May 18th, 2010
We have a property in CT that is rented until August 2010, Can we sell this rental and give tenants notice?
We have a written agreement with a tenant till August 2010 for a property in CT. Can we legally let the tenants know that we want to sell the property and if it is sold before their lease is up give them 30 days to find a place and move out. The property is costing us a lot of extra money and we want to get rid of it. Does anyone know the laws around here?
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Filed under: Sell Property
The law EVERYWHERE is that the lease is valid, even if you sell the property. The tenants have the right to stay thru the remainder of August 2010. You can ask them if they would leave willingly ahead of time, or you can offer to buy them out of their lease, but you can’t tell them they must leave if they do not desire to do so.
The lease stands until Aug 2010 unless you want to buy them out on their terms…Even if their is a clause that the lease voids upon sale -that clause is illegal in every state I know..Your hard time is not considered valid to void the binding contract you signed,,,Turn the tables—if they wanted out-of the lease-do you think they can walk-away on 30 days notice ? Put the building on the market as currently rented—if the sale comes down to-needed vacant—you will have to buy them out-on their terms—otherwise the new owner is required to uphold the current terms for the balance of the lease
Sure you can give them notice that you will not renew lease. Usually required to give at least 60 days advance notice to tenants.
However, the lease survives the sale and is tranferred to new owners. They buy subject to occupancy of your tenants.
Or you can buy tenants out of lease. Negotiate with them. Could give them a free month in return for turning lease into month to month–get it in writing. Could give free month and return of security deposit on the day they move out, subject to inspection. But they have legal right to stay until lease ends as long as they pay their rent.
why sell if you have a paying tenant?
do you even have any equity in teh property?
Do you owe more than it is worth?
Real estate prices are very low now – you could be losing a lot of money by selling now (it may take you 7-10 months to get a buyer anyway and you may have to lower your cost from the initial price anyway) – prices should be up a bit by this time next year