Can I break my lease with a tenant, given proper notice and return of deposit, due to selling of the rental property?
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Can I break my lease with a tenant, given proper notice and return of deposit, due to selling of the rental property?
My husband and I want to sell the house we have rented out. We have 2 tenants under a lease agreement for about another 3 months and we told them we would continue that lease as a month-to-month agreement should the house not sell beforehand. If the house were to be acquired by a buyer before the lease is up, do they have to assume the lease and renters or can we give our tenants prior notice to the closing date (30 days or more) and terminate the lease and give them their deposit back?
Asked on May 8, 2012 under Real Estate Law, Indiana
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
No, the tenants have a right to stay until the lease ends and the new buyers will buy the house "subject to" the leases in place unless you agree to deliver it vacant, which I would not do if you can not. You could buy them out of the lease by offering to pay moving expenses and getting a written agreement terminating the lease. Good luck.
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