JS wrote:Hi,
After 2 weeks of signing a lease agreement I am informed that the owner is selling the
property - is this common in Singapore? The property needs a few minor fittings - which the owner has agreed to do. Is there a risk that the new owner can ask for termination of existing lease - I dont recall any exit clause except the diplomatic clause in my agreement. Any other things I need to be wary of in this owner to new owner transaction that can impact me as a tenant?
Thanks,
JS
This is not unusual. The new owner will normally exercise the option to purchase on the basis that he knows this unit is tenanted or will be tenanted at S$XX amount for a certain timeframe.
Clearly if the terms are not met, then the buyer can back out buying the house/apartment. On the other hand, the buyer will have to buy with tenancy, which means it won't affect your stay or terms. However, it is better for you to emphasis to your landlord to rectify anything that you had mentioned earlier.
This is like a transitional period for you which can be quite messy at times, but well, we have to accept it. You might to have to know your new landlord to score better term terms with them in future (ie: easier to get things repaired etc.)
Gd luck.
