Full question:
I have leased my home under a 1 year lease. There are 6 months remaining on lease. The bank just called my note due and have requested that I do a Short Sale. Payments are current but my rights are limited because I'm in a construction loan. I've accepted an offer on my home which was also approved by the bank. The tenants have been given 60-day notice; however, they don't want to move. I've offered 1/2 month rent. My buyer wants the tenant out. Bank will foreclose if I can't sell. How can I remedy this if tenant is uncooperative?
- Category: Landlord Tenant
- Subcategory: Lease Termination
- Date:
- State: Georgia
Answer:
When a property is sold, the lease typically transfers to the new owner unless the lease allows cancellation upon sale. The new owner is usually bound by the existing lease terms and cannot evict tenants unless there is a lease violation. Additionally, they cannot raise the rent during the lease term. Even if the new owner was unaware of the lease, most state laws assume they should have known about it. To terminate the lease early, you will need to negotiate with the tenants. They will likely seek some form of compensation for moving out early. It may be beneficial to consult a local attorney experienced in landlord-tenant matters for assistance.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.