Owner may be selling the house I am renting
I am currently renting a house in Colorado; the property
manager emailed me to let me know the owner is thinking of selling before my one
year lease is up.
Does Colorado law allow
a new owner to invalidate a lease? I have
googled for an answer but without success.
Read your lease terms and pay particular attention to where it states conditions for the termination of the contract/lease.
The general rule is that when you assume a contract, the buyer takes the contract that came with the lease. This is called assumption of the contract.
Colorado contract law may be different than the general rule.
It depends upon the lease terms.
Call Tom Martino!
Unless your lease says otherwise, your current lease is valid to the end of its term (usually one year). After that, unless your lease says otherwise, the property owner is free to specify different terms, and you're free to refuse and vacate.
What they said. The buyer also buys the obligation.
Except for foreclosure. Then, the bank can order you out on much shorter notice (30 days, I think.)
Realistically, if the new buyer wants you out, I'd try to make it amicable, like maybe get some concessions on the damage deposit return or the time table. You and he both have the power to make each other miserable, but there's no shortage of empty rentals on the front range.
Thanks everyone for your answers.
If it comes to the (potential) new owner making my life miserable I'll be extracting more concessions than the damage deposit return timetable!
I really don't want to move again, especially since we just moved into this house last month; but I guess in the grand scheme of things moving sooner than I wanted to is really pretty low on the list of things that could mess up my life.
Here's a response worthy of Arfcom GD:
1) Move out.
2) Report that terrs are there.
3) Call in airstrike.
4) Video and post link.
Good luck Airforcemajor.
If the owner sells to another real estate investor, you would be an asset to the new owner, an existing tenant.
And a large amount of home sales currently are investors buying.