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| Re: rental property for sale. sign lease or not? |
| Posted by: Ed |
| Date: July 14, 2006 10:54:07 PM |
| It's up to you. Things to consider include:
1)Are you getting a break on the rent during the time the house is for sale and prospective buyers are looking at it and disturbing your use of the property?
2) Are you prepared to move when the lease ends if the new owner decides to raise the rent a lot?
3) Are there other available rental units that are similarly priced/amenities in your area - if so, why not move there w/o the hassle from 1 or 2 above?
I'm sure there are other things to consider, but this will get you started. |
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| Re: rental property for sale. sign lease or not? |
| Posted by: Ralph |
| Date: July 15, 2006 01:43:05 AM |
| Excellent reply by Ed. I would confirm that any lease agreement that you sign with the current owner is valid with any new owner, so your occupancy can't be terminated prior to its expiration (unless you somehow default). However, if you sign a month-to-month lease, that means your occupancy can be quickly terminated with short notice -- 30 days in most states under most circumstances -- and, as pointed out by Ed in his item 2, even if you have a 12-month lease you may not be staying behond the length of the lease. |
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| Re: rental property for sale. sign lease or not? |
| Posted by: caroline faddis |
| Date: July 15, 2006 02:24:56 AM |
| merci, first of all, we did not understand this procedure at all, renting 2-3 yr on sat. and an open house on sunday, this is where one must know surgical law.
we only commense occupying this house oct. 1st/06.
i wanted to know if this move on the owners part was legit, and could the new owner cancel our lease and force us to vacate.
we should go ahead then ?its not a set up?
and give him a security deposit.?
we lived in bahamas too long, and i am canadian, out in the cold.
caroline faddis |
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| Re: rental property for sale. sign lease or not? |
| Posted by: Ed |
| Date: July 15, 2006 05:02:00 AM |
| As long as the buyer knows that they're buying a rental house there shouldn't be a problem. My concern would be that you give them a deposit and come to move in October and find the new buyers living there. Then you have a dispute at that point. If you have the number of the listing real estate agent for the house, I'd call them as a prospective buyer and ask them about the house. If they NEVER mention that it is a rental, then I wouldn't proceed. If you don't have the name, look for the house on www.realtor.com and see if you can find the listing....you can get the agents name there. Good luck! |
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