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Landlord selling house in the middle of rental tenure

Posted: Thu, 01 Feb 2018 11:04 pm
by kozizi
Hi folks,
I'm about 6months into a 2yr rental contract, and have just been informed by the agent that the landlord is looking to sell the condo. They're looking for a buyer who will continue the tenancy contract, i.e. I don't need to vacate, and will continue paying the same rental amount even when ownership changes.
Is there a catch to it that I should be worried about? Or anything that I need to ask the agent & clarify to save my ass? Because it sounds all too simple. Don't want to be in an unpleasant situation 1.5yrs down the line..
Appreciate inputs from anyone who has been in a similar situation, Thank you!

Re: Landlord selling house in the middle of rental tenure

Posted: Fri, 02 Feb 2018 9:12 am
by Max Headroom
It happens, nothing to worry about. Other than the viewings that typically precede the sale. Check your lease and see what it says about this. "Reasonable" is the word you want to see there.

Re: Landlord selling house in the middle of rental tenure

Posted: Fri, 02 Feb 2018 9:18 am
by PNGMK
kozizi wrote:Hi folks,
I'm about 6months into a 2yr rental contract, and have just been informed by the agent that the landlord is looking to sell the condo. They're looking for a buyer who will continue the tenancy contract, i.e. I don't need to vacate, and will continue paying the same rental amount even when ownership changes.
Is there a catch to it that I should be worried about? Or anything that I need to ask the agent & clarify to save my ass? Because it sounds all too simple. Don't want to be in an unpleasant situation 1.5yrs down the line..
Appreciate inputs from anyone who has been in a similar situation, Thank you!
I've bought a condo and continued the tenancy as a LL. It's not that uncommon. HOWEVER the catch is whether the new owner will want to continue the tenancy or find a clause in the TA to terminate the lease - what does your TA say about the owner breaking the lease (i.e. notice period)? Also note that you should insist a new TA be executed with the new owner at his cost (not yours) with no variation in terms and conditions. The other headache will be the sales agents wanting to show the condo off at all hours - insist on reasonable notice in order for you to continue enjoying your peace and quiet. Do not give them carte blanche to come in without you or yours being present.