Landlord Question and Answer Forum
I received an acceptable offer to buy the property last night. We told the tenant over the phone that she could no longer move in (she was supposed to move in today). How do I handle this in terms of the legality of breaking the lease? The tenant wants her security deposit back immediately (understandable), but we do not have the offer to purchase in writing yet. I'm worried that both things will fall through.
Nick C, OH on Friday, August 1, 2014
RE: Help! Offer to buy house, but tenant moves in today!
Breaking the lease can be a huge issue, I would keep the lease in and allow the tenants to decide what can be done now that the house is most likely being sold. If they decide to move return the deposit and get a mutual termination of lease agreement. If they fall through then you may just have to loose out, but get a tenant on standby to be able to fill the property asap in worst case scenario.
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