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Tenant rights during short sale

 
 
Reply Sat 20 Jul, 2013 05:35 am
Are tenants obligated to pay rent during a short sale? My landlord listed the property for short sale 2 months into our lease which ends in October. The bank has accepted an offer and the buyer is currently awaiting paperwork from the bank. The landlord says that we are obligated to pay rent and remain in lease terms until the process is complete after which we have 30 days and we can move out. I found a new place. I want to leave now. I want my security deposit back. What are tenants rights during short sale process? I live in Virginia.
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Type: Question • Score: 0 • Views: 877 • Replies: 2
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PUNKEY
 
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Reply Sat 20 Jul, 2013 09:32 am
@Ready to move,
No, you don't have any special "rights" just because the owner is in negotiations with another party (even though it's the bank.)

Your contract with him is far away from anything he has with the bank.

Ask if you can leave. Most likely you will lose the security deposit IF he says OK. But you have a legal contract with him and he COULD make you keep the terms of that contract by insisting you pay the full terms of the rental agreement.

gungasnake
 
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Reply Fri 28 Feb, 2014 10:31 am
@PUNKEY,
That isn't totally obvious to me. The contract with the owner seems to involve an implied claim that the owner was going to remain the owner of the property during the term of the lease, including the idea that he would remain responsible for any upkeep and/or necessary maintenance. The owner is breaking that contract by handing the property over to a bank.
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