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Selling property in Calif. before the lease has ended
started a topic
almost 5 years ago
I want to rent to a military family. They require a 3 year lease. My wife and I (may?) retire in one to two years and, if so, it will require selling the property. The family is OK with this possibility and insist the military will move them if selling the property requires them to move. 1. Can this type of ambiguity be included in a lease agreement? i.e. (I want to sell you agree to vacate) 2. If I give them a 3 year lease I could probably sell as long as the new buyer accepted the lease, but previous experience tells me most buyers will need the tenants to vacate prior to close of escrow. Can I break the lease and require them to move if they do not want to?
over 4 years ago
My experience with this is the new owner has to honor any and all leases in place at the time of sale. The only exception is if the new owner wants to occupy the unit then they should offer the tenants a relocation compensation. If it is the state or business that wants to tear down the building and tenants are on a lease, they also may have relocation responsibilities by law. When your selling, you normally don't want to have vacancies because it impacts the sell-ability of the property.
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