Comments on: I am renting a home in Texas need to sell asap! What rights do I have to terminate lease with current renters.

By: bernie

bernie — Tue, 23 Jun 2009 09:56:59 +0000

Hi,

If you know the bank is going to foreclose on the house and you need to sell it, then you have to tell the tenants of your financial situation. They need to find somewhere to live immediately.

You need to send them a letter ASAP that you have to put the house on the market and that you are canceling the lease.

Make sure you send the letter certified mail, return receipt requested. You should also return the security deposit to them ASAP.
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By: fangtaiyang

fangtaiyang — Tue, 23 Jun 2009 09:33:59 +0000

If you own the house, you can sell it. The lease would go with the house, not be terminated by the sale. The new owner would take responsibility for the lease as aprt of the sales contract.
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By: tom

tom — Tue, 23 Jun 2009 09:25:59 +0000

Sell it with them in it. Transfer the lease to the new owner.
Good selling point as it's already rented and making money.
References :
TAV

By: trooper3316

trooper3316 — Tue, 23 Jun 2009 08:42:59 +0000

You would have to sell it with a clause explaining what the current lease is.

The new owner would have to honor the lease until it expires.

You could always explain the situation to your renters, you never know… they may be willing to move and save you a lot of trouble.
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