There was an error in this gadget

Tuesday, March 20, 2012

Landlord/Tenant Issues: Sale of the Property and Terminating the Tenancy

Many homeowners are in the process of short selling their property. This is of particular concern for tenants living in a home that is the subject of the short sale. Many landlord/owners will simply give the tenant a 30-day notice to vacate. Usually this 30-day notice is perfectly fine if the landlord has contracted to sell the unit to a purchaser and has established an escrow with a licensed escrow agent or licensed estate broker; the purchaser is a person (not a company); and the purchaser in good faith intends to reside in the property for at least one year after termination of the tenancy. The notice must also be given to the tenant no more than 120 days after the escrow has been established.

However, California law does require that a residential non-fixed term tenant be given at least 60 days’ notice of termination if the tenant has resided in the property for at least one year. If the tenancy is not terminated when the property is sold, the new owner becomes the new landlord. The new landlord retains all of the previous landlord’s rights under the rental agreement. Therefore, new landlord/owners may serve a 30/60 day notice to terminate the tenancies created with the previous landlord. The new landlord/owner can also pursue an eviction action based on 30/60 day notice served by the previous landlord prior to sale.

As for foreclosed upon property, a tenant has the rights under the lease entered into before the notice of foreclosure to occupy the premises until the end of the remaining lease term. However, the successor in interest may terminate the lease effective on the date of the sale to a purchaser who will occupy the unit as a primary residence, subject to a 90-day notice.

Whether the new owner purchased the property through a voluntary sale by the previous owner, or whether the property was foreclosed upon, California law provides tenants with protections.

5 comments:

  1. What if the tenant just moved in and has a 1-year lease? Can the landlord still give the tenant a 30-day notice vacate if the house goes into escrow?

    ReplyDelete
  2. can the new owners raise the rent ? and do I have to move ?

    ReplyDelete
  3. Good post! Thanks for sharing this information I appreciate it. God bless!

    industrial property portsmouth nh

    ReplyDelete
  4. Can truly relate and retain this outstanding post. Very well written.
    sell house tenant

    ReplyDelete

  5. Parking software condominium
    email blast to tenants
    Guest parking
    Online Parking Software for apartment owners assosiation
    Due to the overwhelming needs for well-organized parking systems nowadays, smart parking solutions are being introduced in the marketplace. The best part here is that these excellent parking software are available online. Ideally, these smart tools are perfect options for apartment owner. If you are interested to get the real benefit of these tools, it is important that you are crystal clear with all its features and its implications.
    Online parking software for apartment owners are excellent facility management systems that are very flexible and reliable. Plus, another great thing about these tools is that they do not frequent upgrades in order to maintain their operational efficiency. More than that, these dependable online parking software are deemed as straightforward solutions to the increasing height of operational challenges.
    Monitoring and control
    With online parking management software, apartment owners can have an easy access with the different aspects of their facilities such as VMS signs, security alarms, lane traffic and equipment status. Also, they have the capability to close and open barrier gates as well as restart lane equipment. You can also count on their operational efficiency when it comes to sending a new fee to the pay station.
    Revenue management
    Online parking software serves as smart turn-key facility management solution for apartment owners which include real time transactions, occupancy counts, ticket tracking, parking rate programming, sign controls, validations and more. All of these excellent benefits can be achieved with the help of a smartphone. In addition, coupon management and validation become more cost effective and simpler with the presence of integrated module that comes with standard features.
    Validation solutions
    There are many reliable parking software designer offers wide array of intelligent validation solutions. Say for instance, there are parking management solutions where in merchant accounts as well as sub-accounts are made in the database. As such, there is an available option to come up with unlimited quantity of merchant accounts. Plus, if you are in tight budget, there’s nothing to fret because these types of validation are created in a single-hour fee which usually comes with discounts. Once the validations profiles are already made, they can now be used for wide range of applications such as barcode sticker, self-service units and chaser tickets.
    Access control
    At present, parking access needs wide array of controls as well as billing options that provide apartment owners flexible solutions in bringing in new business. As such, these online parking software for apartment owners are their enterprise parking access brilliant control solution. Every facility owner can now take advantage of multiple options of the latest technologies such as AVI, LPR, and chip card.
    Now that you are aware about the availability of excellent parking management software, you can now maximize the various operational aspects of your facility. With the help of the excellent functionalityof these software, every apartment owner can now have the real benefit of a well-streamlined parking systems. Check out these online parking management tools now and see what they can do for you. Visit their website at http://webparkingsoftware.com for more information about their Online Parking Software for apartment owners.
    .

    ReplyDelete