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 is generally assigned to the new owner unless the lease contains a term allowing for cancellation of the lease upon a sale. A new owner is usually bound by the lease and can only tenants if there a breach of the lease by the tenant. Nor can a new owner raise the rent in the middle of an existing lease because he has an obligation to follow both the length and terms of the existing lease. Even if the new owner was not informed of existing leases, most state laws presume that the new owner should have known about them. In order to terminate the lease early, it will be a matter of negotiation. The tenants will typically want some form of incentive for an early termination. I suggest contacting a local attorney who is a skilled negotiator in landlord tenant matters.
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.
