Can I get out ofa lease if the properety has been sold?
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Can I get out ofa lease if the properety has been sold?
Due to relocation, I have signed a contract to rent a house that had been for sale. The owner pulled it from the market upon signing the lease. The rental term is monthly until I sell my house or purchase another. I am due to move there in a few days upon commencement of the lease agreement. I have also just learned the owner received an offer to purchase after he signed the lease contract. If he sells, where do I stand? If he entertains the offer to purchase, where do I stand? There has been no financial transactions at this time.
Asked on December 23, 2011 under Real Estate Law, Missouri
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If you have a term lease for the rental that you have written about, the new owner is obligated to honor the balance of the lease. Meaning, if the home sells, the home comes subject to the lease you have in place.
If your lease is a month-to-month lease, then at any time the current landlord or the new owner may seek to end it based upon the contract and the current state of the law in your state. Any other questions you may have should be answered by a landlord tenant attorney.
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