Backed out of verbal agreement to rent, but for a very good reason

[sprocket454]

No, It only means your friend has the legal right to reside in said unit located at said address for a set period of time under the lease. It DOES however protect them from being immediately evicted should the house sell as the new owner MUST honor the lease terms.

If the new owner has to honor the lease terms then that should be good enough.

Really, it's not me. It really is a neighbor and his family. He was worried about moving his family and then being kicked out if the house sold. I think in the future he just needs to think of what terms he really needs in a lease and then get it in writing. A verbal month to month will never give him piece of mind.

Thanks for all the advice. Great site!

 

[justalayman]

If the new owner has to honor the lease terms then that should be good enough.

Really, it's not me. It really is a neighbor and his family. He was worried about moving his family and then being kicked out if the house sold. I think in the future he just needs to think of what terms he really needs in a lease and then get it in writing. A verbal month to month will never give him piece of mind.

Thanks for all the advice. Great site!

the problem is; you are talking about a month to month lease/tenancy. The tenant or the landlord can terminate that lease at the end of any rental period (with proper notice of course). The new LL has to abide by the terms of the lease in force when he gains possession of the property but due to the short contract period, that can change very easily once that month period is over.

A verbal month to month will never give him piece of mind.

generally true with most people unless it was a longer term lease that converted to a month to month. By then, they already know pretty much how they will be treated and it isn't such a big deal.