What if your landlord sells an apartment in which you’re staying on rent (with an 11-month rent agreement) to a new buyer just after three months? This will make you wonder “can leased property be sold”? Will your rental agreement remain valid for the next eight months or will you have to get a new rental agreement made with the new owner? I will tell you the answers to these questions:
Can Landlord Sell Property During LeaseUnless there is an express provision for the termination upon the transfer of tenancy by the landlord in the rental agreement, the 11-month rental agreement will assure payment of the same rent no matter who the landlord is.
However, if some clauses aren’t specified in your rental agreement, you’ll probably have to execute a new rental agreement with the new property owner in which you are living on rent. This is why such rental agreements need to have proper clauses to specify that in case the landlord sells the apartment, the new owner would execute a new rent agreement with the tenant on the same terms and conditions as the current rental agreement.
In simple terms, it means that the existing rental agreement continues to remain valid and it depends on the tenant and new buyer whether or not they want to re-execute a new rental agreement on the same terms and conditions.
You need to keep in mind that the security deposit you have paid to the landlord is transferred to the new owner as it would then be the obligation of the new buyer to refund the security deposit when the rental agreement expires.
Make a rental agreement through NoBroker without visiting any government offices
Read more:
How to register rent agreement online?
Why rent agreement is made for 11 months?
How to do rent agreement police verification online?
What are the tenant rights in India?
I hope I cleared all your doubts regarding “can leased property be sold”.
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Authors Of The Question
Can landlord sell property during lease?
Naman
1746 Views
1 Answers
2 Year
2022-03-11T17:59:50+00:00 2022-03-14T17:29:50+00:00Comment
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