When should notice to vacate begin?

[Miss Critter]

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.

 

[30A Skunkape]

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.

 

[passin thru]

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?

 

[traderx]

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.

 

[SHELLY]

Find a new place and move...yesterday.

.

 

[AAbsolute]

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.

 

[Bobby J]

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.

 

[Smiling JOe]

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.

 

[Miss Critter]

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.

 

[traderx]

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?