What are my rights if I just started a 12 month lease for townhouse on the 1st and on the 3rd was informed of the owner’s intent to short sell the property?

Get Legal Help Today

 Secured with SHA-256 Encryption

What are my rights if I just started a 12 month lease for townhouse on the 1st and on the 3rd was informed of the owner’s intent to short sell the property?

They are pressuring me and my roommate to change to a month-to-month lease while the property sells with a 50% discount on the rent until the property sells then once sold and closed on we would have 60 days to move out. Should I seek other compensation?

Asked on August 6, 2016 under Real Estate Law, Minnesota

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

Legally, they can't make you switch to month to month: the lease you just signed is a contract, and the landlord is held to it the same you are you; he can't get out of the contract or change it without your consent or agreement. Therefore, if he wants you to change the terms, he has to make it worth your while; you in turn can hold out for whatever you deem fair, bearing in mind that if you get "greedy" and ask for more than he will give, he can decide to pull his offer and just live with the current lease. What he is offering is actually very reasonable: you should think  about it carefully before rejecting it or even pushing back for more but, at the end of the day, it is fully your choice whether or not to accept the proposed change.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption