What happens to the tenant of a property that sells?
This depends on the state. In Illinois, this is a tenant accepted state. What this means is regardless if the property changes hands, if there is a lease, it supersedes the sale.
So for example, if the tenant has 6 months left on the lease when the property is sold, they have the legal right to stay.
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So what happens to a property when there are tenants and the property is going to sell or does sell? Well, this really depends on the state that you're in. We're in the state of Illinois, which is a tenants accepted state. So what that means is regardless if the property changes ownership, if there is a lease in place that lease supersedes, anything else. So say for example, a tenant has a one year lease and they're six months into that lease when the owner decides to sell to an investor. Well, regardless of what the owner says, or regardless of what the investor says, that tenant is allowed to live out the rest of their one year lease, regardless of what happens. Now, maybe the tenant doesn't want to stay. Maybe the investor needs to rehab the property. So they're willing to offer the tenant cash to move out or help them find a new place to live. But if the tenant wants to stay, then they are legally allowed to stay in the property and there's nothing the owner or the buyer can do about it.
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