Q & A: New property owner, lease still good?
August 1, 2006
Q: My husband and I and our 3 kids just moved into a rental home not even a month ago. About two weeks after we moved in, our property manage¬ment informed us that an “insurance” group would be out to look at the house, which they did. Just today, I received a call from our property management, stat¬ing that we had 30 days to move out because they have sold the house. And, we found out that the “insurance” people were actually the potential buy¬ers. Isn’t there something that we can do about this?
We signed a year lease rental contract with this property management. We just spent a load of money in moving and deposit fees. If we would’ve known that the house was for sale, we wouldn’t have moved in. We had no knowledge of the house being up for sale. There has to be something that can be done. Can you please help?
A: If you have a one-year lease, you have the right to live there for one year, no matter who the owner is, as long as you pay the rent and otherwise follow the terms of the lease. The property manage¬ment company should know that full well, as should the buyers, if they are in the rental property business.
About the Author: Bob Cain
Some 30 years ago Bob Cain went to a no-money-down seminar and got the notion that owning rental property would be just the best idea there is for making money. He bought some. Trouble was, what he learned at the seminar didn’t tell him how to make money on his rental property. He went looking for help in the form of a magazine or newsletter about the business. He couldn't find any.
Always ready to jump at a great idea, he decided he could put his speaking and writing skills to work and perform a valuable service for other investors who needed more information about property management. So Bob ferreted out the secrets, tricks and techniques of property management wherever he found them; then he passed them along to other landlords.
For over 25 years now, Bob has been publishing information, giving speeches, putting on seminars and workshops, and consulting for landlords on how to buy, rent and manage property more effectively.
