Profile picture for jharvell73

What are my options My rental home is going up for sale.

We recently found out that the home in which we live is going to be placed on the market. Our current lease expires on 7/31/11, and we had a long discussion with the property manager. She told us that we can renew the lease, if we so desire, or we can decide to move. We are not currently financially able to move, especially on such short notice, so we were thinking of renewing a one-year lease. If we do that, and the house sells within that time, are the new owners obilgated to allow us to stay? There is nothing in our lease that states anything about the sale of the property. We are in North Carolina.
  • June 16 2011 - Charlotte
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Answers (5)

Hi there!

If you do renew your lease for another year, the new owner is required to honor the lease you have signed and cannot raise the rent or terminate the lease until it has expired.  If you don't renew your current lease, and you stay on a month-to-month, then the new owner only needs to provide you with 30 days notice to either increase your rent or terminate your lease.

Best wishes to you,

Josie Mazzaferro
MBA, Broker/Realtor
The Weeks Team
Allen Tate Company
[edited by Zillow moderator to remove phone number.  Please refer to Good Neighbor Policy]
  • June 16 2011
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Just as Josie mentioned, if they sign a lease with you, whoever owns the home is obligated to honor that lease provided there are not statements made in it that allow the owner to sell and terminate the lease at such time.  A lease is a legal binding contract.  But, there are investors & such that do purchase homes and keep the tenants in them.  So, if you want to stay another year, I would sign a lease quickly.

Good luck,
Kelley Ireland
Broker-in-Charge/Owner
Village Real Estate Group
704-517-2811
  • June 16 2011
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Profile picture for Sharon Lewis
Hi there, here is a great link
http://portal.hud.gov/hudportal/HUD?src=/states/north_carolina/renting/tenantrights

It will provide you with answers about our North Carolina rules and regulations.
  • June 19 2011
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Profile picture for jharvell73

I looked at that link, and it does not really answer my question.

We did sign a one-year lease, my thinking being that it would give us plenty of time to save money to buy a home. The property manager told me over the phone that the new owners, if the home sells, would not legally have to let us stay, but that they would need to give us plenty of time to find another place to live. This makes no sense to me.

I think my best bet is to contact a real estate attorney and get some advice there.

  • June 20 2011
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I think you are right about contacting an attorney, or there may also be some free or low cost services for tenants in your area, try Google or the phone book.

I don't know the laws for your area, but in NY State a lease transfers with the property.  It's possible that your property manager is misinformed.
  • June 21 2011
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