Landlord is selling the property. What are my rights?
Question Details:
I rent a condo in a 4-plex in Iowa and my landlord put the property on the market. I have a very simple month-to-month lease that states I pay $450/month. The realtor is advertising to potential buyers that they can charge up to 650/month and that we currently pay $550/mo. If the property is sold, what happens to my current lease and my security deposit? Can the new landlord charge whatever they want for rent? What kind of notice do they have to give me and what rights do I have?
Real Estate Law Answers
Since you are on a month-to-month lease, your rent can be increased upon 30 days notice (from the date that your rent is due) or your landlord can serve you with a 30-day notice to vacate. As far as your security deposit is concerned, the new owner is responsible for holding your security deposit and its return (plus all interest and less any legally appropriate deductions) when you vacate.
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