Owner selling property - 2 weeks after signing lease

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JS
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Owner selling property - 2 weeks after signing lease

Post by JS » Wed, 03 Aug 2005 2:04 pm

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

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Re: Owner selling property - 2 weeks after signing lease

Post by Guest » Wed, 03 Aug 2005 4:40 pm

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. :lol:

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geneva99
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Post by geneva99 » Thu, 04 Aug 2005 1:36 pm

This is a clause that should be in your tenancy agreement:

"To permit intending Purchasers with the authority of the Landlord or his agents at reasonable times of the day by prior appointment to enter and view the premises. Any sale shall be subject to this tenancy and the new landlord shall be bound by all the present Landlord’s obligation as stated herein"

If it's not in your TA, maybe you can ask your landlord to make an addendum BEFORE he makes the sale.

Some Swiss friends moved in their apartment 2 months ago and they just received a letter that the owner has sold the place and that the new owner will tear the place down, they have 3 weeks to pack up and find a new place. Luckily, they are getting a hefty sum to indemnify the break of lease.

Good luck.

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