mcho7688Participant@mcho7688Join Date: 2011Post Count: 24
Looking for help on existing tenancy. I am living in a unit with lease expiring feb 2017. The existing owner has sold this unit to someone under contract due for settlement next month. I am concerned if the new owner would looking to move in anytime after he takes over. WHAT CAN i do? Can I ask for compensation from buying owner or selling owner?
Any advice is appreciated.
SD.T.Participant@dtraegerJoin Date: 2014Post Count: 128
You’re on a fixed lease, there’s nothing to worry about. Both the lease document and the tenant are inherited by the purchaser as is. The only part that is not inherited is the property manager, the purchase can go with their chosen one and is under no obligation to use the existing one.
So, if the owner does want you to move out, they can do this by mutual agreement (meaning you and them both agree on moving out, usually in exchange for a negotiated amount of compensation involved)mcho7688Participant@mcho7688Join Date: 2011Post Count: 24
Thanks DT, good to hear that.thecrestParticipant@thecrestJoin Date: 2004Post Count: 992
Remember you don’t have to agree to move out before your fixed period of the lease expires, you can stay if you want to. Of course, the new owner can give you notice to vacate on the expiry date Feb 17.