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Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 55615
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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If we sell our rental property to someone who wants it as owner-occupied,

Customer Question

if we sell our rental property to someone who wants it as owner-occupied, are they bound by the existing lease to our tenant for its remaining time before they can take possession of the property?
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  Richard replied 2 years ago.
Hi! My name is ***** ***** I look forward to helping you!
Yes, unfortunately, unless your lease has a provision allowing for an early termination in the event of a sale, you would not have the legal right to terminate the lease early. In that instance, if you want the tenant out, you would have to offer your tenant a "cash for keys" deal to get the tenant to agree to leave early. The tenant usually has an incentive to accept such a deal because they know that their lease is not going to be renewed and they're going to have to move soon anyway. This gives them something they would otherwise not get simply for moving a bit early.
This is the part of my job I don't like...when the law is not in favor of my customer. I wish I could tell you that you had the right to terminate early, but I can only provide you information based on the law so that you can act on the best available information to you. ………..I wish I had better news, but can only hope you recognize and understand my predicament and don't shoot the messenger. I'm sorry!
Thank you so much for allowing me to help you with your questions. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as OK, Good or Excellent (hopefully Good or Excellent). I thank you in advance for taking the time to provide me a positive rating!