<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by alphadown:
I own a home in Rhode island. I have rented this house to tennents with a one year lease. I have a chance to sell the property. The prospective purchasers want to have the lease terminated so they may move in. The lesae does not contain any clause regarding termination as a result of sale of the house.
My question is does the lease terminate when I sell the house? Or, does it transfer to the new owners who must honor the lease until it expires?
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My repsonse:
You can sell your assets (the house) but you can't sell your liabilities (the lease), unless the buyer wishes to take the land with all liabilities attached thereto. Remember, your lessee has rights also, and he/she expects to have a home for the full term, just like you expect them to pay for the full term. Contracts cannot be broken without consequences. However, all is not lost.
If I were you, and really wanted to get out from under, I would offer the lessee some dollars (usually 10% of the total lease) for their trouble and inconvenience, and pay for their moving expenses, and sincerely assist him/her in locating a new rental. If that fails, you're stuck.
IAAL
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