Rental property and short-sale to tenant
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Rental property and short-sale to tenant
I’ve been in the process of a short sale with tenants (a couple). Unfortunately, the relationship between the two have soured and the short-sale plan is no longer an option. I’ve only received 1/2 the rent for this month because the other responsible party is not able to pay his half. The lady (tenant) sent a letter informing me she is moving out by July 1st although agreement is to end Sept 1st. I’ve been placing a majority of funds into a savings account but what are my options, under the original rental agreement?
Asked on June 18, 2009 under Real Estate Law, Maryland
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 15 years ago | Contributor
A short sale is an agreement where you sell a house for a loss, with the blessing of the bank that holds the mortgage, and the bank agrees to east the loss or you and the bank agree to some other continued payments. I am unclear about what is happening here. What are the terms of the agreement ending in September? Were they to buy the house? Is the rent being applied toward a downpayment for purchase? You need to take the rental agreement to a lawyer to read and clarify what is going on with the house. The rental agreement needs to be read in full. It is difficult to comment on what your rights and liabilities are without fully understanding what is going on.
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