If you’re like many Californians, you rent instead of own. However, if your landlord suddenly decides to sell your home, it can create fear and confusion. This is what to know if you’re in this situation and what you can do.
Understanding what can happen if your landlord sells
Landlords are well within their legal rights when they wish to sell; they can do so regardless of how many tenants rent within their property. Depending on your lease, this situation can have different outcomes. For example, if you are a month-to-month renter, the landlord must give you at least 30 days’ notice if they want you to vacate. In that scenario, they must also pay you back your security deposit.
Among the tenant matters that benefit you is your right to check the terms of your lease. It should state what time of day the landlord can show your apartment off to potential buyers and how much notice they must give you in advance.
You might be able to continue living there
Depending on the situation, if your landlord sells the property, you might be able to continue living in the home. If the new owner wishes to rent apartments in the building, you’re in good shape. However, you’ll have to know whether your rent will remain the same or will be increased.
The new landlord might want all current tenants to leave the property so they can renovate. Although they might be open to allowing you back afterward, the rent could be much higher than your price range. If you’re still on a valid lease, you might still have to move out under the new landlord.
If you have to move because your landlord is selling, doing so on a good note is best. You might be able to get a good recommendation when looking for a new place to live.