So you’re living in a rental, and the current landlord sells it. The good news is that, more often than not, your current lease is still valid. If the new landlord chooses to keep renting the property, they become your new landlord, and typically, your situation stays the same until your lease is up. However, there are a few situations that could impact your lease and your ability to keep renting. Here’s everything you need to know about your rental changing owners and what you can do to secure your living situation.
What happens when a new landlord takes over your rental property
When a new landlord takes over your rental property, a few things will take place. You’ll likely receive written notice of your new landlord or property manager in your mailbox or email. The notice will detail important information to be aware of such as updated contact information, where to send your rental payments, and where to direct any questions. There are also a few steps you’ll want to take once you receive notice that a new landlord will be managing your apartment.
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Steps to take when a new landlord takes over your property
1. Review your lease
Your lease usually stays intact when a property changes owners. However, in rare cases, a lease agreement may state that your lease terminates when the property sells. If you want to keep renting the apartment, you’ll need to enter a new rental agreement with the new owner. Check your lease for any language suggesting your lease will terminate when the new owner officially takes possession. You could also reach out to the new property manager before the property’s sale to go over the agreement and make sure you both understand the situation.
2. Confirm rental payment details with the new property manager
Once the sale goes through, talk to the new property owner to confirm whether anything has changed for you. You may pay rent to a different company or person. The new property manager may prefer you to pay using another method, such as by check or online portal. While you’re chatting, verifying that your rent will stay the same is worth confirming. The new owner is not allowed to increase the rent while the current lease is in progress.
3. Check that your security deposit transfers
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Your security deposit usually transfers from one property owner to the next along with your lease. However, you should reach out to the new owner to find out who is holding your security deposit. The new owner may need to track down your security deposit but shouldn’t ask for a new one. Sorting out these details after the sale is always easier than when you’re ready to move on. Be sure to keep a record of paying your security deposit to the original owner, and consider asking for a receipt, just in case there’s any confusion.
4. Get proper notice if the property is being converted or demolished
A new owner may not want to continue renting the property. The property owner may wish to use the apartment as a primary residence, convert it into a condo, or even tear it down. If you can’t continue your lease, you must receive a proper eviction notice with a move-out time frame that abides by state or city eviction laws. If you do not receive a move-out notification, reach out to the new owner to discuss the plans for the property. Understanding your state or local laws for eviction notice timelines can help you confidently advocate for your rights.
If your lease ends, the new property manager doesn’t have to let you stay month to month or renew your lease. However, if the property owners are not planning to renew, they must give you at least a 30-day notice, depending on your lease’s terms.
5. Ask the new property owners if they’re planning to renew your lease
If you’re coming to the end of your lease, ask the new manager about renewing your lease, how much rent will increase, and if you can go month to month if you’d prefer. Be sure to discuss these items before making plans for your future. If you don’t want to renew your lease, you can write and send the property manager a letter of non-renewal.
6. Get all promises for upgrades to the property in the new lease
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Maybe you’re coming to the end of your lease, and the new owner is raising the rent. The property owner may have plans to improve and upgrade the property and increase the rent to cover the renovations. If these factors convince you to renew your lease, have the owner include the intended upgrades and timelines in your lease. That way, you have these promises in writing.
When you get a new property manager from the same company
Say you’re renting with a property management company and your complex or unit gets a new property manager. That means your lease, security deposit, and many other factors of your living situation stay the same. However, you might see changes (hopefully positive) to some of the following elements of your property:
- Community-building events and activities
- Security measures and features
- Property amenities
- Payment methods (from check to online payments)
- Maintenance request handling and communication time
- Property landscaping and maintenance
FAQs: What happens when a new landlord takes over your rental property
Learn what you should know about the transition to a new property manager.
Knowing the impact of a new property manager taking over your lease can make you feel more confident and secure during the transition. If you have an existing lease and the new owner is asking you to sign a new one, consider reaching out to an attorney or tenants’ rights organization for guidance on handling this situation. If you encounter any questions or concerns during the transition to a new owner, these professionals can also help.
Source: https://t-tees.com
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