What if a landlord wants to sell their property while Im renting it?

[richard_smith237]

Reviving this thread:

I'm about to sell my Property which is currently being rented out (7 months remaining on the Lease).

It is my understanding that the new owner honours the existing lease contract, or if both parties agree they can make a new Lease agreement (thats between them after the sale).

I will add an addendum to the Lease agreement signed by all parties stating that the new owner understands and agrees to the existing Lease Agreement.

With regards to the Deposit: I Transfer the Deposit minus costs (some Internet and electricity bills have not yet been paid) to the new owner under the signed agreement of the existing tenant.

I'm looking for a standard document / format with covers this.

Edited March 3, 2016 by richard_smith237

[HooHaa]

For reference, my condo rental contract allows for either party to cancel with 2 months notice. If I cancel, I forfeit the deposit; if the landlord cancels, they must refund the entire deposit without any deductions.

Per the law, *theoretically* you are allowed to keep possession of the property for the term of the lease, so long as you fulfill your requirements. However, *practically* you should just ensure there is a termination clause that is agreeable to both parties. It's not worth it to get into a legal battle over it; especially since you would only be looking at a short, 12 month contract.

If you were looking at a longer term lease (2/3+ years). The lease should (must) be registered on the deed, which then protects you from sale or any other transfer of the property (e.g. inherited).

it is my understanding from renting business premises that no term of under 30 years can be registered against a deed.

as for a sale of the property you are renting, i would suspect you to be at the mercy of the new owner.

one bright spot is that established houses are remarkably difficult to sell.

[blackcab]

For reference, my condo rental contract allows for either party to cancel with 2 months notice. If I cancel, I forfeit the deposit; if the landlord cancels, they must refund the entire deposit without any deductions.

Per the law, *theoretically* you are allowed to keep possession of the property for the term of the lease, so long as you fulfill your requirements. However, *practically* you should just ensure there is a termination clause that is agreeable to both parties. It's not worth it to get into a legal battle over it; especially since you would only be looking at a short, 12 month contract.

If you were looking at a longer term lease (2/3+ years). The lease should (must) be registered on the deed, which then protects you from sale or any other transfer of the property (e.g. inherited).

it is my understanding from renting business premises that no term of under 30 years can be registered against a deed.

as for a sale of the property you are renting, i would suspect you to be at the mercy of the new owner.

one bright spot is that established houses are remarkably difficult to sell.

I think what you meant to say was that no lease over 30 years can be registered.

[TheWizardofRnR]

Does a renter whose rental is sold , have a legal time limit before they must move? Like either a 30 -60 or 90 days ? and is the notice of you having to move need be in writing? I If sold which Landlord is responsible for your deposit ? The seller or the buyer ?

[Paul944]

Normally when a property is sold the new owner has to honor the existing rental contracts. If the new owner wants it for personal use he can offer to terminate the contract. The chance is very low the new owner is the local mob boss that wants to force you out.

One thing to check as a tenant when you know the property is sold is that the deposit is handed over to the new owner and how to pay the rent. Once a Thai gets money he/she is very reluctant to give it back.