Legal Question in Landlord & Tenant Law in Minnesota
Breaking Lease because of Selling Property
I own a townhome in which I have a year lease with a tenant. I have found someone to buy the townhome now and we would need to break the lease. Is that possible. This person can buy the town home, but needs to by Jan 1st, 2006. What can I do? It is a great opportunity and to sell it now would save me $10,000 or more in realtor fees to sell it later.
2 Answers from Attorneys
Re: Breaking Lease because of Selling Property
Read your lease form. It may contain a provision saying that the lease terminates when you sell. If not, the lease transfers to the new owner when you sell.
I would hope that there would be room to make some kind of deal with your renter. What can you think of to offer the renter in exchange for learving early?
This response is for general information purposes only and does not create an attorney-client relationship. You are advised to seek the advice of the attorney of your choice concerning the details of your case.
Re: Breaking Lease because of Selling Property
Did you have a written lease? I would want to review the lease to see if there is an out.
Also, does the buyer have to move in, or could they own without occupying for the balance of lease.
You will likely need to move very quickly if you want the tenant out by 1-1-06 (you will need to give written notice prior to 12-1-06 at the latest.)
Call or e-mail for further assistance.
I have been a landlord for 25 years.
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