You’re not alone if you’ve always dreamed of moving to Tucson, Arizona. Recently, it has been ranked as one of the best places to live by U.S. News. So, it’s no wonder that many people are moving to this city, whether from somewhere else within Arizona or moving long-distance. If you’re a home buyer seeking property in the area with the help of top-rated Tuscon Realtors, you may be reluctant to discover that your buying power for a home may not be substantial. With such low home inventory in the area, you may get into a bidding war with other home buyers. If you can’t find a home to buy right away, you may have to rent while continuing your home search. But will renting a home cause challenges as you search for a home to buy in Tuscon? Here are some tenants’ rights when a landlord sells a property you will want to keep in mind while renting and searching for a new home.
Can a Landlord Sell Your Rental Property While You’re In It?
Despite the challenges you may face when renting a home in a low-inventory housing market, you can rest assured that if you’re renting, the landlord can’t sell your rental and leave you homeless. As long as you have a legitimate rental agreement, you’re protected as a tenant.
Your landlord will usually inform you about their plans to sell the home before they try to sell it to anyone else because you have the right of first refusal to buy. What this means is if they put the house on the market, since you’re in it, you can try to purchase it before any other buyers can. If you refuse, they can proceed with selling it.
Even if they sell the property, you will either have a new landlord who is the buyer who purchased the home. Or you won’t have to worry about leaving until the lease ends.
If You Find a Home to Buy, Can You Break Your Lease?
If you plan to buy a home in Tuscon, renting one while you wait can be challenging. For instance, if you move into a rental house with a 12 to 13-month lease, and the perfect property for you to buy comes two months later, this could present a problem.
You can always break a lease. But keep in mind that this comes with a penalty. Some penalties may be steep. It could include several months of rent payments. Your landlord can even sue you for terminating a lease early.
If you want to leave early but avoid penalties and potential lawsuits, you will need to work with your landlord to include a clause that allows you to leave early if you find a new home.
Also, you may be able to work with your landlord to help them find a qualified renter to replace you if you have to leave early. Instead of abruptly leaving, if you let them know your situation, they may be able to find someone to take on a new lease in your place.
A landlord must mitigate damages in Arizona if you break your lease. But you may be on the hook for the remaining payments due before the landlord finds a new tenant.
Final Words
Searching for a home can be challenging, especially in a high-demand, low-inventory city like Tuscon. Although such challenges may force you to rent a home until you can buy yours doesn’t mean you’re at the mercy of getting kicked out of your rental if the homeowner wants to sell. As with renting an apartment, there are tenant laws that protect you. If now is the time you want to move to Tuscon, don’t let fears surrounding the housing market deter you.
