An addendum is a thing to be added; an addition. For example, it may be used to add supplemental terms or conditions to a contract or make corrections or supply omissions to a document. An addendum is often used to supply additional terms to standardiz
Massachusetts Addendum to Lease Agreement Terminating Lease Upon Sale of Leased Property
State:
Multi-State
Control #:
US-0460BG
Format:
Word;
Rich Text
Instant download
Description
How to fill out Addendum To Lease Agreement Terminating Lease Upon Sale Of Leased Property?
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FAQ
You're obligated to pay rent to your current landlord until the property is sold. After that, there are two scenarios that you can face as a tenant. If the new homeowner decides to continue renting out this property, you'll just have to continue paying rent to your new landlord under the same agreement.
The tenant is protected by the common law hire goes before sale. If the property is sold, the new owner becomes the landlord and all the terms of the existing lease are enforceable. The new owner cannot cancel the lease, but must wait until the end of your existing lease period.
However, if the tenant is late on the rent or not taking good care of the property, you may have a window of opportunity to break the lease if you decide to sell. This is called terminating the lease with cause.
You're obligated to pay rent to your current landlord until the property is sold. After that, there are two scenarios that you can face as a tenant. If the new homeowner decides to continue renting out this property, you'll just have to continue paying rent to your new landlord under the same agreement.
During this 90-day period, the landlord cannot offer to sell the unit to anyone else. If you do not want to buy the unit or cannot afford to buy it, the landlord can sell the unit on the open market after the 90-day period has passed. Any person or entity buying your unit will then become your new landlord.
If you need to sell a house with tenants in Massachusetts, the fastest, easiest, and most convenient way is to sell the house to a direct buyer. This will eliminate property showings, dealing with upset tenants, and the costs of putting it on the MLS.
