I just received notice from my landlord (a property management company) yesterday, that my house is going to be sold. I signed a 3 year lease in October of 2016 that does not expire until September of 2019. I have been living in the property for 9 years now, and my original landlord sold my property (which was 1 of 5) to the current property management company. My then lease was taken over by the management company and after my assumed lease with them ended, I signed a new one year lease. After the year lease ended, with the next renewal I signed a 3 year lease. After reviewing my lease, there is no "exit clause" for the management company or me regarding the sale of the house.
The options I received with the notice were:
A. To buy the home
B. To transfer to another one of their properties and receive a $500 credit
However, after doing some internet research I believe that I am within my rights to have the full term of my lease carried out within the property. When I called to speak to someone from the company, they confirmed that yes, the property was going through the sale process and that while I can try to stay for the term of my lease, the new owner is not bound by the lease and I would have no legal recourse with the new owner or the property management company if I were to be evicted.
Just a little background, I am not in a financial position to up and move to another property, I am not interested in buying the house, and the properties that they have available (they only have 3) are in bad neighborhoods. While on the phone with the rep, I also brought up another option - for them to buy me out of my lease for $5,000 which would cover the cost of having to move to another property; but she was unsure of the protocol for that. Also, at this point, I am leery of moving to one of their properties because this same thing may happen to me again.
Please help as I cannot find truth to the claims made by the management company - and I believe they are attempting to violate my rights as a tenant.
A couple questions, is the management company legally bound to present the fact that there is a tenant in place with a signed 3 year lease to the potential buyer? And how can I find out the information regarding the sale to assure that I have been represented/included?
Any and all help is truly appreciated!