Real Estate Law (esp. Landlord-Tenant)/Tenant rights in short sale
We just learned that our landlord intends to short sell his home in AZ, hoping to get a contract prior to the end of the year. Our lease doesn't expire until January 15, 2014. What are our rights as tenants? Could the new buyer breach the lease? Are they allowed to put a lockbox on our property? Are other agents allowed to show it w/o the landlord's agent present? Any info would help b/c we feel we're not being properly protected.
Generally, the new owner would need to allow you to remain in the house until the expiration of your fixed-term lease. Of course, this is assuming that you are paying the rent and meeting all other rental obligations. You need to review your rental agreement to see if it says something about showing the house to prospective buyers. Generally, the owner is allowed to do this after giving you proper notice.
Thanks for your question.
Attorney at Law
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