What are my rights if I just started a 12 month lease for townhouse on the 1st and on the 3rd was informed of the owner’s intent to short sell the property?
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What are my rights if I just started a 12 month lease for townhouse on the 1st and on the 3rd was informed of the owner’s intent to short sell the property?
They are pressuring me and my roommate to change to a month-to-month lease while the property sells with a 50% discount on the rent until the property sells then once sold and closed on we would have 60 days to move out. Should I seek other compensation?
Asked on August 6, 2016 under Real Estate Law, Minnesota
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
Legally, they can't make you switch to month to month: the lease you just signed is a contract, and the landlord is held to it the same you are you; he can't get out of the contract or change it without your consent or agreement. Therefore, if he wants you to change the terms, he has to make it worth your while; you in turn can hold out for whatever you deem fair, bearing in mind that if you get "greedy" and ask for more than he will give, he can decide to pull his offer and just live with the current lease. What he is offering is actually very reasonable: you should think about it carefully before rejecting it or even pushing back for more but, at the end of the day, it is fully your choice whether or not to accept the proposed change.
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