As a renter, you have likely invested time, effort and emotion into making your rental property feel like home. What happens when your landlord decides to sell? Do you have to start from scratch and find a new place to live?
Your lease offers protection, and the law is on your side
In most cases, a change in property ownership does not automatically terminate your lease. Your existing rental agreement typically remains valid and transfers to the new owner.
This principle applies in Minnesota and many other states. The new landlord must honor the terms of your current lease until it expires.
What happens after your lease ends?
Whether you can stay on the property when the lease ends depends on several factors:
- Type of lease: Month-to-month tenants may face different circumstances than those with longer-term leases.
- New owner’s plans: The buyer might want to occupy the property themselves or make significant renovations.
- Local laws: Some areas have additional protections for tenants in these situations.
In Minnesota, landlords must provide proper notice before ending a tenancy, even if they have sold the property. For month-to-month leases, they must give at least 30 days’ notice. The landlord typically cannot end the tenancy early for fixed-term leases unless you violate the lease terms.
Keep in mind that although the property’s sale does not automatically force you to leave, the incoming owner has the option to not extend your lease once it ends. They may also propose a new lease agreement with altered conditions.
If you feel uncertain about your rights or your landlord’s actions, seek legal advice. A skilled Minnesota lawyer can help ensure you are treated fairly during this transition.
