What are the laws governing the sale of a rental property?
In Pennsylvania, there are three primary laws governing the sale of a rental property between a landlord and tenant. First, the landlord must provide the tenant with 60 days written notice before listing the property for sale. This notice must include the date on which the lease will terminate, the time and place of the move-out inspection, and the date by which all funds must be received by the landlord in order to avoid any additional fees or penalties. Second, the landlord is responsible for providing a reasonable notice period before the tenant is required to move out. Generally, this period is determined by the terms of the lease agreement and is typically 30 days. Lastly, the landlord must meet certain requirements when it comes to collecting a security deposit from the tenant. After the sale of the property is completed, the landlord must return the security deposit to the tenant within thirty days. If deductions from the security deposit are taken, the landlord must provide the tenant with a written notice outlining the deductions within thirty days. In addition, the landlord must provide a receipt for the returned security deposit. These laws are important in protecting the rights of both the landlord and the tenant and ensuring that any sale of a rental property is fair and equitable.
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