Landlord Can Cancel Lease In Event Of Sale? POLL
I'm updating my lease and have considered the following and am interested in everyone's thoughts:
"This Rental Agreement may be terminated by Landlord in the event of the sale of the Premises, or if the Premises must be altered or razed by giving Tenant XXXXX days written notice. The termination time and yielding of posession shall be specifided in the notice."
If you think this is a good clause, then how long notice??
THANKS
At one time, the advise given to me from a condo developer was 120 days. Tenants had no problem with the agreement.
Thanks for the response...anyone else?
For Tenant at will, I believe 30 days notice is all that is needed. If you have a year lease or more, I would check your state tenancy laws to see what the minimum amount of notice is you need to give [does this change with the sale of the property?]...may be you could have a lease buyout as an option/incentive worth a month or more of rent? I would just double check with an attorney or the laws of your state. Can you post what you find out? Good luck
Check your state law on the issue of displacement. You may have to pay relocation expenses if forced to displace tenants prior to their lease expiration and protect your tenants from "damage" for the duration of their lease with you if the only comparable rentals available to your displaced tenants carry a higher rent than your unit.
In the event of a sale, it is my understanding that a sale is always subject to existing leases (state landlord tenant law again, perhaps?). An exception is often noted in the event a property is taken by foreclosure.
Regardless of the clause you want to use, it needs to conform to state law to be enforcable. Consult with your attorney, rather than relying on the misinformed (though well-intentioned) opinions you receive in a web forum
In my areas water/sewer goes with the house. I am unfamiliar w/water softener bills.
Electric,oil,gas, propane all go with the person who carries them in their name.
Have you discussed this yet with your tenant as they will be affected (as will your property) if the utilities get shut off.
Take action to get your tenant to take utils. into their own name and get a new roomie; Not to do it this way.
All the utilities are in there name except the sewer and the water is a well. The heat (I live in MN and it's -5F right now) is propane drawn on a tank that I own. Would the propane company have the right to retrieve the propane if their $400 gas bill isn't paid? I'm just concerned about the pipes freezing.
I knew they weren't the best credit risk, but I wanted to get the house occupied...ugh...
If your tenants are moving out and/or not paying the utility bills - you need to call the utility companies and tell them to put them in your name because you are the owner. You will not be responsible for any of the utilities that are owed from when your tenants were responsible... You need to change them into your name and evict those tenants...
Good Luck!
[addsig]
Hopefully, you have a large enough security deposit to cover the utility costs when the liens get attached to your property.
In my area of the country, the water company will not establish new service to a property that has unpaid utility bills. Even if tenants vacate without paying the utilities, I won't be able to get the utility service established in a new tenant's name until the overdue bills are paid. In this situation, I just keep the utility account in my name and pay the bills as they come in. I send my tenants a copy of the bill for reimbursement as additional rent to be included in their next monthly payment. My lease states that collections are first applied to late fees, then to outstanding bills, then lastly to rent. Any amount not paid in full is unpaid rent subject to a late fee (and grounds for eviction if it goes that far).
sewer & trash are lienable in my area. I pay the bills myself and send the tenants a copy of the invoice. they reimburse me with the next months rent. another property is billed quarterly and I let them divide the payment into thirds if they want - he used part of his Christmas money & paid in full last week. I'd guess next quarter he wll be back to monthly.