landlord law, true or false?

[dduglass]

What is the name of your state?tn
Seems like i read this somewhere online, that if someone has rented their house out, that they have to wait 2-3 years of not renting it before they can sell their house...anyone ever heard of this law? and is it state specific and what is the wait period if true.

 

[BL]

I don't know where you heard that from, but renters are just that renters.

The owner of the Property could sell it at anytime,however if the tenant has a lease ,the new owners would have to honor it . If it is a month to month rental ( no long term lease ) , the new owner can give proper notice just like the prior owner could have.

Look up your State's Landlord tenant Laws .

 

[dduglass]

another way of saying it, I have placed a contract on a house that was used as rental property till recently, the owner wants to sell and i placed a offer on it for my primary residence and not rental property, i dont want to find out down the road that he/i did something wrong...thanks,,,

 

[BL]

As I stated any rental leases transfer over to the new owner , so just be aware of that.

Say if the tenants have a yr. lease, it transfers with new owner. The new owner must honor it .

I have seen new owner in that situation offer there tenants 3 months free rent , to move at the end of that 90 days, or 30 days and pay them equal rent of 60 - 90 days .

If you were to make such a contract , do it it writing signed by both you and the tenant . Keep records .

The tenants have no obligation to except an early move out offer though .

If they are month to month, just give them proper notice to move .

 

[divgradcurl]

Blonde Lebinese is correct, but I would add just one thing. If you live in an area that has rent control, then there may be a local ordinance that limits the sale of rental units for use as non-rental units, or limits the conversion of rental units to non-rental units. These types of ordinances, if they exist in your community, are locality-specific.

 

[BL]

Blonde Lebinese is correct, but I would add just one thing. If you live in an area that has rent control, then there may be a local ordinance that limits the sale of rental units for use as non-rental units, or limits the conversion of rental units to non-rental units. These types of ordinances, if they exist in your community, are locality-specific.

Also, before any transaction have it gone over by a real estate Lawyer and make sure your going to get what your paying for .