Thursday, August 19, 2010

How can I found out if property is for sale before signing a lease?

I sign a new lease next week, but was recently told the owner plans to sell two months after I move in. How can I find out if property is for sale?How can I found out if property is for sale before signing a lease?
Ask him directly. If he says no but you aren't trusting the answer, check on the MLS. Unless he has a buyer already picked out he will have to advertise. Either with a real estate agent or himself. Either way, he will most likely have to put a sign up. Why are you worried? Would you move if it was sold? Try adding a clause into the lease that gives you the choice to move without penalty if the property is sold.How can I found out if property is for sale before signing a lease?
If you want to know if the property is listed to be sold you can go to a real estate agent and as him to check if the property located at (address) is for sale because you might be interested in buying that specific property. The service should be free for you. Also you can try www.realtor.com


Paul is right regarding the lease.
try asking the owner! or you could ask ';bill the pool guy'; here, he ';might'; know.
If you sign the lease and then discover that the owners is selling, it will not effect your rights as a tenant. The new owner will be bound by the terms of your lease. In other words, if you sign a one year lease today and then the property is sold next month, you can remain in legal possession of the property for the remainder of the lease term (eleven more months in this example). The whole purpose of a lease is to give a tenant that kind of protection. If the new owners want to get you out sooner, you could be in a position of forcing the new owner to ';buy you out'; of the lease. In other words you could ask for money in exchange for ';early termination of the lease.'; This is a legal and common practice in real estate. At least, in California -- I don't know where you are.
County Clerk in your town. That is considered 'public info' Also, make sure you have a notary present before signing!

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