The lender accepted a short sale offer on the house we're currently leasing, and we were told the closing would be in late March. Yesterday, the listing agent tells me that the buyers' first attempt at financing failed, and that they are seeking alternate financing. Meanwhile, she wants to start showing the house again to obtain backup offers.
My question is this: do I have the right to require 30 days notice to vacate from the time financing is actually obtained? From what I hear/read, financing is the high hurdle to make it to closing. Am I unreasonable to want my notice to vacate to be predicated on the new buyers actually having financing in place, instead of on some vague expectation that closing might take place on a certain date? I'm reasonably certain that the seller would like to continue to collect rent from us for as long as possible. I'd love to hear from Realtors or others with tenant-occupied, short sale experience.
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19
Skunky
The lender accepted a short sale offer on the house we're currently leasing, and we were told the closing would be in late March. Yesterday, the listing agent tells me that the buyers' first attempt at financing failed, and that they are seeking alternate financing. Meanwhile, she wants to start showing the house again to obtain backup offers.
My question is this: do I have the right to require 30 days notice to vacate from the time financing is actually obtained? From what I hear/read, financing is the high hurdle to make it to closing. Am I unreasonable to want my notice to vacate to be predicated on the new buyers actually having financing in place, instead of on some vague expectation that closing might take place on a certain date? I'm reasonably certain that the seller would like to continue to collect rent from us for as long as possible. I'd love to hear from Realtors or others with tenant-occupied, short sale experience.
Egads, sorry you are in this pinch. Based on the investigation I have done on the topic of landlords going into foreclosure, it seems renters have few rights unless, ironically, they stop paying rent, at which time they can put up a good, long battle fighting eviction. Critter, you just need to find a new pad and get the heck out of the current pad.
Beach Fanatic
What does your lease say about the owner's ability to terminate your lease?
The lease is a contract already in place, between you & the homeowner. Since it's a short sale, the homeowner (not the bank) is the seller and, therefore, it's the homeowner (not the bank) that has entered into a contract with the buyer. Typically, that contract would need to be subject to the provisions of your existing lease.
So, what does your lease say?
The lease is a contract already in place, between you & the homeowner. Since it's a short sale, the homeowner (not the bank) is the seller and, therefore, it's the homeowner (not the bank) that has entered into a contract with the buyer. Typically, that contract would need to be subject to the provisions of your existing lease.
So, what does your lease say?
Edited
Beach Fanatic
What does your lease say about the owner's ability to terminate your lease?
The lease is a contract already in place, between you & the homeowner. Since it's a short sale, the homeowner (not the bank) is the seller and, therefore, it's the homeowner (not the bank) that has entered into a contract with the buyer. Typically, that contract would need to be subject to the provisions of your existing lease.
So, what does your lease say?
Probably not the case. You can bet that Critter's lease agreement contains a Subordination clause that includes future owners, leinholders, etc. Typically, subordination is granted only in exchange for a non-disturbance agreement but you don't usually see NDA in residential leases unless the tenant writes one in. Besides, to be enforceable in Florida a lease likely needs to be recorded, something you never see with a residential lease.
SoWal Insider
Find a new place and move...yesterday.
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Banned
Peaceful and quiet enjoyment is a basic covenant of residential lease and the simplest to negotiate. If your landlord won't co-operate you have a business decision to make. SHELLY is probably giving wise advice,,,,if you are in the position to do all that.
Beach Fanatic
Probably not the case. You can bet that Critter's lease agreement contains a Subordination clause that includes future owners, leinholders, etc. Typically, subordination is granted only in exchange for a non-disturbance agreement but you don't usually see NDA in residential leases unless the tenant writes one in. Besides, to be enforceable in Florida a lease likely needs to be recorded, something you never see with a residential lease.
My understanding is tenants have more rights then people give credit for. Very difficult to move a tenant out if they are not paying much less if they have a lease. The law has to be followed to get them to vacate the property and this could take months if the tenant decides to play games.
In many cases we are drifting into unchartered water.
SoWal Expert
tenants do have many rights. Let's start with this -- Do you have a rental agreement? If not, how frequently do you make rental payments? every 30 days, every 60 days, etc. That will determine the amount of notice required to give. You can find landlord tenant laws for Florida online, which should spell out the amount of notice either party is required to give.
Beach FanaticAuthor
I have a standard lease, currently month to month, that says 30 days notice by either party. That's not the sticking point. My point is when does the clock start ticking on the 30 days? If it starts once the offer is accepted, it still may be well over 30 days before the deal closes, if it closes at all. If it starts once financing is approved, then that's a more likely scenario for an actual closing to take place. I realize that even though it's a short sale, the bank is not the owner. Could the owner, at her discretion, decide that the 30 days notice begins at loan approval?
Thank you to all for your advice.
Thank you to all for your advice.
Beach Fanatic
I have a standard lease, currently month to month, that says 30 days notice by either party. That's not the sticking point. My point is when does the clock start ticking on the 30 days? If it starts once the offer is accepted, it still may be well over 30 days before the deal closes, if it closes at all. If it starts once financing is approved, then that's a more likely scenario for an actual closing to take place. I realize that even though it's a short sale, the bank is not the owner. Could the owner, at her discretion, decide that the 30 days notice begins at loan approval?
Thank you to all for your advice.
It sounds like the owner can give 30 notice for you to vacate at any time. In your lease, what constitutes notice?
Beach FanaticAuthor
I won't demand certified mail or anything like that. A phone call or email is fine. What I'm saying is that I think she would prefer to have us here as long as possible, which would mean waiting on loan approval. I'm just wondering if that decision is entirely at her discretion.
Beach Fanatic
I won't demand certified mail or anything like that. A phone call or email is fine. What I'm saying is that I think she would prefer to have us here as long as possible, which would mean waiting on loan approval. I'm just wondering if that decision is entirely at her discretion.
The decision is at her discretion or your discretion for that matter. If you previously had a lease that expired and is now month-to-month, Florida statute requires at least a 15 day written notice. Are you in touch with the buyer?
Beach Fanatic
.... when does the clock start ticking on the 30 days?
The clock starts when one of the parties actually gives notice. Notice isn't given by an act of the lender or of the buyer, but by one of the parties to your lease agreement, i.e., you or the landlord.
And, if by "standard" lease you mean that you're in a month-to-month written lease, or a month-to-month holdover situation after the expiration of a written lease, then your written lease defines what constitutes adequate notice .... neither party needs now to decide whether e-mail or a phone call is sufficient, for example.
And, your lease I bet sets no boundaries or limits for one of the parties giving 30 days' notice .... it can likely be given at any time, with no reason or justification needed.
Read your lease. If there is/was no written lease, move out ASAP.
Edited
SWGB
Once the buyer actually owns the home then they can give you notice. That would require a closing.
Regardless since some people are eggheaded morons, do you have a video camera? That's just in case they decide to start moving things out for you in place of a notice it'll go a long way for your lawsuit. I'm serious, apparently this has happened a couple of times over in PC/PCB.
Regardless since some people are eggheaded morons, do you have a video camera? That's just in case they decide to start moving things out for you in place of a notice it'll go a long way for your lawsuit. I'm serious, apparently this has happened a couple of times over in PC/PCB.
Beach FanaticAuthor
Once the buyer actually owns the home then they can give you notice. That would require a closing.
Regardless since some people are eggheaded morons, do you have a video camera? That's just in case they decide to start moving things out for you in place of a notice it'll go a long way for your lawsuit. I'm serious, apparently this has happened a couple of times over in PC/PCB.
SoWal Expert
I have a standard lease, currently month to month, that says 30 days notice by either party. That's not the sticking point. My point is when does the clock start ticking on the 30 days? If it starts once the offer is accepted, it still may be well over 30 days before the deal closes, if it closes at all. If it starts once financing is approved, then that's a more likely scenario for an actual closing to take place. I realize that even though it's a short sale, the bank is not the owner. Could the owner, at her discretion, decide that the 30 days notice begins at loan approval?
Thank you to all for your advice.
I'm not a lawyer and don't pretend to be one. My basic understanding of rentals is as follows. (seriously, you can find landlord tenant laws online about giving notice. Go right to the source.) If your lease does indeed call for 30 day notice, that begins whenever your landlord (not the bank, unless it is now bank owned) gives you notice. Your rental agreement is separate from and not related to the sale. The only thing the sale would do is give you a new landlord, who may change the terms of the contract once it expires.
SoWal Expert
The decision is at her discretion or your discretion for that matter. If you previously had a lease that expired and is now month-to-month, Florida statute requires at least a 15 day written notice. Are you in touch with the buyer?
Yes, but a rental agreement may call for more days notice, and over-ride the 15 day written notice. If her contract calls for 30 day notice, that should over-ride the State minimum (I think, but again, I'm not a lawyer).
Also, it is my understanding that regardless, the new buyer would have to follow the terms of any existing contract (lease agreement), so unless her contract for sale and purchase calls for your current landlord to give notice to the tenant(you), your current landlord wouldn't have to give you notice at all, and may elect to pass along your existing lease agreement to the new buyer. (by the way, if you are renting in south Walton and you are in a month to month, I believe bed taxes are due on your rental, since it is technically less than a 6 month lease, so you might want to keep the details on the downlow).
Beach Lover
In most states, once notice is given and the notice tiime runs, there still must be a court hearing to remove a tenant from a dwelling.
SoWal Expert
Why?
In my world, if you have a lease that states you get "x" days of notice to move out, that means "x" days after your landlord gives you notice you have to be gone.
And if you aren't gone by that mutually agreed upon deadline, they can then have the po-po forcibly remove you.
In my world, if you have a lease that states you get "x" days of notice to move out, that means "x" days after your landlord gives you notice you have to be gone.
And if you aren't gone by that mutually agreed upon deadline, they can then have the po-po forcibly remove you.
SoWal Expert
and it can take up to a year for the po-po to remove you. You have to go through the legal process of eviction. You cannot just change the locks and throw the tenants stuff to the curb.
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