A lease refers to a legal document that spells out the relationship between a landlord and a tenant. It usually covers matters such as the property address and description, time period of the rental arrangement, the rent and deposit amount, the payment schedule and late fees. The lease may also contain details about what happens if the landlord wants to sell the property.
Fixed-Lease Period
If the lease specifies a time period for the rental arrangement, the tenant has the right to remain in the rental unit until the end of the lease, regardless of whether the landlord sells the property. While the landlord can sell the property, your lease would survive the sale. The new owner has to let you stay and take on the responsibilities of a landlord without you having to sign a new lease with him. This is true even if the new owner is not aware of the lease.
Special Lease Terms
While the lease generally survives the property sale, there could be an exception. If your lease states that a sale automatically ends your lease, then you might have to move out after the sale. You could also negotiate a new lease with the new owner, but he doesn't have any obligation to let you stay.
Month-to-Month Lease
If you have a month-to-month lease, then not only can your landlord sell the property, but he can also give you notice to move out without providing any reason. A month-to-month lease doesn't have any expiry date and only renews each month if both the landlord and the tenant want to continue the rental arrangement. In most states, the landlord only has to give a 30 day notice to terminate a month-to-month lease.
Potential for Conflict
If your landlord goes through with the sale and you have the right to stay, the new owner could pressure you to move out. The new owner can't deny you basic amenities, but can make the rest of your stay in the property unpleasant. For example, some landlords rent out adjoining apartment units to tourists or remove certain features of the property. If you get into a disagreement with the new owner, check the tenancy regulations in your state before you do anything rash.
