What to Expect When Selling Your Apartment in a Two-Family Building

I have been in my apartment for 12 years in a 2 family building in Rhode Island. My house is for sale. How long do I get from the new buyers to move out?

Understanding Your Tenancy

Your situation is typical of what many tenants in a duplex or two-family house face when the property is sold. However, whether you have a lease or are on a month-to-month basis, the rights and responsibilities of both you and the new owners are crucial to understand.

What the Lease Says Prevails

Whatever your lease says will prevail. It is essential to read the lease carefully. If there is no mention regarding a sale of the real estate, the term of the lease carries over to the new owner. For instance, if you have a 12-month lease with six months left, that is how long you have to move out, or you can negotiate new terms with the new owner.

Lease vs. Month-to-Month Terms

However, if your terms are month-to-month, often the case with a lease, you face different conditions. In such cases, the new owner can typically terminate the lease with a notice period. The notice to move must be at least 30 days prior to the lease termination.

New Owner's Options

The new owner has several options:

Sign a new multi-month lease at the same or a new rate. Convert you to a month-to-month lease at the same or a new monthly rate. Give you 30 days notice to vacate the property.

Ultimately, if your lease has been honored and met, your rights end. The new owner may have plans to remodel, convert the property to a condominium, or even tear down the structure and build something different in its place.

Market Considerations

Most people who buy a two-family home are counting on the rental income from the unit they will not be occupying. Assuming you are paying a market rent, it is likely that the buyer will want you to stay. However, it is their decision, and you are under no obligation to move out just because someone buys the place.

Communication and Negotiation

Let the new buyers tell you what they want. It is important to stay in communication with them. Continue to pay your rent and stay put until they tell you otherwise. In negotiations, you may be able to secure a longer lease or better terms, or the new owner might even decide to keep you as a tenant.

Key Takeaways

The lease agreement will determine your rights and obligations in the event of a sale. New owners can choose to sign a new lease, convert to a month-to-month lease, or give a 30-day notice to vacate. Communication is crucial; let the new owners outline their plans and negotiate terms as necessary.

By understanding these points, you can navigate this transition smoothly and protect your interests.