Q: We are about halfway through our lease, and our landlord just told us he’s selling the property. In fact, he offered to sell it to us. We’re not sure if we want to buy it, but just in case, what happens to our lease when he sells the property? — Javier

A: When you are renting a property, unexpected changes can happen, including the landlord deciding to sell. It is not uncommon, and while it might feel unsettling, it is important to know your rights and what to expect.

Whether or not you decide to buy the property, your lease does not become invalidated just because the landlord is selling. In most cases, the lease remains in effect, and the new owner will become the landlord, with all the same rights and responsibilities as the previous landlord.

First, review your lease agreement. Some leases include a clause explaining what happens if the property is sold.

If yours does not, the lease transfers to the new owner, who must honor the terms of your agreement until it expires. This means your rent, lease term, and any other agreed conditions should remain the same.

If you are unsure about the details or your rights, it is a good time to review your lease carefully or consult a legal professional.

If you are considering buying the property, take your time to weigh the pros and cons. Start by researching the property’s value and comparing it to the asking price.

Even though you already live there, it can be a good idea to hire an experienced home inspector to assess the property’s condition with a critical eye.

If you are unsure about the details or your rights, it is a good time to review your lease carefully or consult a legal professional.

If you are considering buying the property, take your time to weigh the pros and cons. Start by researching the property’s value and comparing it to the asking price.

Even though you already live there, it can be a good idea to hire an experienced home inspector to assess the property’s condition with a critical eye.

Do not feel pressured. You are not obligated to buy just because the landlord offered it to you.

If you decide not to buy, the sale of the property should not disrupt your lease.

However, try to stay informed throughout the process. Ask your landlord to keep you updated on the sale timeline and any changes that might affect you.

It is normal for your landlord or the new buyer to have you fill out paperwork in which you list anything wrong with the property and acknowledge the new landlord. Make sure you list any problems and all deposit monies your existing landlord may be holding. When the new landlord steps in, you will be bound by what you say.

Finally, remember that communication is key. Keep records of all conversations with your landlord and any potential buyers. If you have any questions or concerns, do not hesitate to ask.

Staying proactive and informed will help you navigate the situation smoothly, whether you decide to buy the property or continue renting under new management.

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