UGANDA, Kampala | Real Muloodi News | Your Landlord may suddenly decide to sell the home that you are renting. Many homeowners are investors who are waiting for the right time to earn money from their investment.
You cannot stop your landlord from showcasing or selling your current rental space, although there are some basic rules that both tenants and landlords need to follow if the house is up for sale.
This article will explore five basic rules to keep in mind should you find yourself in this situation.
It’s common for owners to be investors, waiting for the right time to sell their properties. There are various reasons that a landlord may decide to sell their property. For example, they may have found a better investment opportunity, or their personal or financial circumstances may have changed. It is important to remember that they have full rights to put up their property on the market whenever they choose.
The 24-Hour Notice Rule
In most cases, the owner and the tenant can work out timings for inspection by potential buyers. However, as a tenant, you need to know where you stand legally in case of any conflict. Your landlord must give you a 24 hours written notice to notify you they will show potential buyers your current home.
Real estate agents are obligated to schedule inspections between the hours of 8 am to 6 pm, unless they have approached you and you have agreed on different timings.
If the landlord wants to take pictures of the property, it is your right to request that the the landlord or property manager accompany the photographer for the photo session.
Tenant Agreement Still Valid
When a new owner takes over the property, it doesn’t necessarily mean that you have to move out. Your rental agreement is still valid, even if the property changes ownership. In fact, the new owner may be another investor, and having a tenant already in the home may be a benefit to them. However, this is not always the case. If your new landlord does not want to rent the property to you any more, they must give you at least three months’ notice to vacate, unless otherwise stated in your rental agreement.
If the new owner wants to keep you on, they must honor the terms of your existing agreement. For example, if you have a fixed-term tenancy agreement, the new owner may not increase the rent until the term is finished. If you have a month-to-month agreement, the new owner is required to give notice of 90 days in case of a rent increment, and is prohibited from increasing rent at a rate of more than 10% annually.
Striking Deals is Possible
Depending on your persuasive skills, you may convince your landlord to decrease rent during the property’s sale period for inconveniences caused during the selling and transition process.
If the landlord has a weekly open house, there may be an opportunity to claim the costs of cleaning your home, however don’t assume this is the case. Be sure to discuss such terms with your landlord, so you don’t end up investing your money in selling someone else’s property based on incorrect assumptions.
A Quick Sell is in Everyone’s Benefit
The sooner the property sells, the sooner you will have clarity in your living situation. Therefore, it’s in everyone’s best interest for the property to be sold quickly and painlessly.
It’s best to be cooperative and help wherever you can, and don’t take it personally. At the end of the day, it is your landlord’s property, and perhaps one day you will find yourself in your landlord’s shoes.
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