Landlord Sold Property/ New Lease Owner in Virginia

This is a discussion on Landlord Sold Property/ New Lease Owner in Virginia within the Landlord vs Tenant Issues forum, part of the REAL ESTATE & PROPERTY LAW category; I live in Virginia. I have a lease for a single family home ending on June 30, 2011. The property ...

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Old May 18th, 2011, 05:18 PM   #1
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Default Landlord Sold Property/ New Lease Owner in Virginia

I live in Virginia. I have a lease for a single family home ending on June 30, 2011. The property owner (this is his only rental) has sold the property and will be closing on May 31. Because of this, I have sought and secured additional rental housing. I have asked the current property owner to end the lease on May 31st (they have a property management company) as well as the new owners. Neither will commit.

Are there any other remedies to conclude the lease at the point of the sale transaction.
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Old May 18th, 2011, 06:37 PM   #2
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Default re: Landlord Sold Property/ New Lease Owner in Virginia

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I live in Virginia. I have a lease for a single family home ending on June 30, 2011. The property owner (this is his only rental) has sold the property and will be closing on May 31. Because of this, I have sought and secured additional rental housing. I have asked the current property owner to end the lease on May 31st (they have a property management company) as well as the new owners. Neither will commit.

Are there any other remedies to conclude the lease at the point of the sale transaction.
A lease transfers to the new owner at the time of the sale. If you want to end the lease early, you would be still be held liable for rent under your lease until it ends on June 30th, or when the property is re-rented, whichever occurs first.

It's only for one month. Why are you in a rush to leave just because the property is being sold? That, unfortunately, is not grounds to allow you to break the lease without penalty to you.
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Old May 18th, 2011, 09:14 PM   #3
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Default Re: Landlord Sold Property/ New Lease Owner in Virginia

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I live in Virginia. I have a lease for a single family home ending on June 30, 2011. The property owner (this is his only rental) has sold the property and will be closing on May 31. Because of this, I have sought and secured additional rental housing. I have asked the current property owner to end the lease on May 31st (they have a property management company) as well as the new owners. Neither will commit.

Are there any other remedies to conclude the lease at the point of the sale transaction.
A lease is an encumbrance on property just like taxes, liens, etc. and the new owner has to accept the property with the lease in all terms and conditions. The sale of the property should not affect the tenant or lessor for it continues, the new owner having to honor it. It is also an asset that went with the sale, the current lease and income from it.

The sale doesn't affect the terms and conditions of the lease nor should it affect you as to whom to pay the rent. If the new owners let you out of the lease it will be from the goodness of their hearts or because they can use it a month early. They don't have to. Hope they want it a month early because you ARE bound to the terms of the lease you signed until it ends June 30.
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