3 Rules to Know When your Landlord Decides to Sell Up
When you are a renter, you get to enjoy many perks homeowners do not have. For instance, you can move to another house much more easily, and you do not have to take responsibility for all the issues that come with living in a particular house. However, sometimes you can get into situations that can completely distract your life, for instance, when you are asked to vacate because the landlord is planning on selling the house.
However, there are 3 rules you keep in mind in case your landlord says they want to sell the property you are renting.
- Do Not Let The Landlord Violate Your Tenancy Rights
Usually, notices that a house is up for sale come in the middle of a lease agreement. This means you might be expected to terminate your lease and find another place to live. However, if you have a long-term agreement with your landlord, they are obliged to honor it, even if it means that you continue living there even after the property changes ownership.
Generally, this applies to long-term leases, and the courts will be on your side in such matters if your landlord decides to violate your tenancy rights in this regard. So, the tenant has the option of waiting until your lease expires, and then refuse to renew it, or come to an arrangement with the new owner to let you continue living in the house until your lease expires before moving out.
- Ask For A Relocation Allowance If Asked To Vacate Early
Alternatively, you can come into an arrangement with your tenant that involves you moving into another place, such as paying you enough money to feel compensated for the interruption of the lease. This is usually called the tenant relocation allowance.
However, in cases of short terms leases such as month-to-month leases, such protections may not be available to you, since all you need is a 30-day vacation notice. When in Thailand, make sure your long-term lease agreement is in writing, because the court tend to be landlord-friendly in court cases where there is no legally binding contract.
- Try To Cooperate With The Landlord
Generally, being asked to move before your lease expires can stir up sour feelings between you and the landlord, even when the reason is as legitimate as the sale of the property. You do not have to immediately assume a defensive stance. So, you should try to come to an agreement with the landlord that favors both your interests.
Generally, you should explore your options together, some of which are listed above and make sure that both of you understand the legal obligations you have towards each other. If the tenant is willing to pay you an allowance to vacate, there is no point in insisting on staying until lease expires, even the judicial system would not be on your side in such a case. You have to be flexible enough without letting the landlord tramp your tenancy rights.
Many people are not aware how to approach a situation in which their tenant requires them to terminate their lease agreement because the property is on sale. Basically, if you are staying there on a short-term lease, you should be given a 30-day warning. When the lease agreement is much longer, you can ask for an allowance to leave early, or else you can stay in the house until your lease expires, even if the property changes ownership in the process.