What are the rights of tenants when a landlord sells a rental property?
When a rental property is sold in Virginia, tenants have certain rights that the new landlord must respect. The first right the tenant has is to remain in the property until the end of their lease. If a tenant has a written lease, then the new landlord must adhere to it and the tenant cannot be evicted due to the sale. The tenant may be able to negotiate a new lease or rental agreement with the new landlord if they wish to remain in the property. Tenants are also owed a certain amount of notice when a rental property is sold. The new landlord must provide written notice to the tenant 30 days in advance of the sale, or 60 days in advance if the tenant is over the age of 62. This notice should include the name of the new landlord and their contact information, as well as any changes in the terms and conditions of the tenant’s lease. Tenants may be entitled to damages if the new landlord does not provide the required notice or violates any other terms and conditions of the lease. In some cases, the tenant may be able to terminate their lease upon the sale of the property. Finally, the tenant’s security deposit must be transferred to the new landlord. The new landlord must also provide the tenant with an accounting of the security deposit within 45 days of taking ownership of the rental property. If the deposit is not used to cover any damages, it must be refunded to the tenant.
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