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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Agreement not to sell... Posted by Ward-CA- on July 10, 2003 at 6:57 AM In Reply to: rental agreement posted by rick on July 09, 2003 at 9:32 PM : Is it ilegal for a propety owner change his mind and sell the property if the term of the rental agreement has not expired yet? : For example: If the rental agreement is for a year, can the owner change his mind and try to sell the property sooner? ================ Rick, Yes, a property owner can sell her property while it is being rented to another. But since the renter has the exclusive use and possession of the property for the full term of his rental contract, regardless of whether the property has been sold or not, most buyers won't proceed with a purchase to buy property until they can acquire both legal and equitable title (the right to immediate possession). Let's say the term of the rental is just month-to-month rather than yearly. Then the owner can sell the property and just not renew the rental term when it comes up the next month. Let's say that an owner of property gave an oral promise to a tenant that they weren't going to sell the rented premises and then went ahead and did. The owner isn't liable to the tenant for the broken promise because agreements concerning real property need to be in writing to be actionable. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Is it ilegal for a propety owner change his mind and sell the property if the term of the rental agreement has not expired yet? : : For example: If the rental agreement is for a year, can the owner change his mind and try to sell the property sooner? : ================ : Rick, : Yes, a property owner can sell her property while it is being rented to another. But since the renter has the exclusive use and possession of the property for the full term of his rental contract, regardless of whether the property has been sold or not, most buyers won't proceed with a purchase to buy property until they can acquire both legal and equitable title (the right to immediate possession). : Let's say the term of the rental is just month-to-month rather than yearly. Then the owner can sell the property and just not renew the rental term when it comes up the next month. : Let's say that an owner of property gave an oral promise to a tenant that they weren't going to sell the rented premises and then went ahead and did. The owner isn't liable to the tenant for the broken promise because agreements concerning real property need to be in writing to be actionable. : Hope this helps. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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