Whose House is it Anyway?
Sales are subject to existing leases. And in fact, sales can be subject to oral leases. That is why a seller signs an affidavit at settlement saying there are no such leases and that no one else is in possession of the property at closing.
It is also why the standard contract obligates the seller to deliver possession at closing. Note, however, that these provisions and documents only serve to give the buyer the right to sue the seller; they do not give the buyer the right to remove a tenant in possession of the property pursuant to a lawful lease.
So, if your listing-to-be has a tenant then you need to request copies of any written leases or a summary of any oral lease. You should confirm those facts directly with the tenant.
Moreover, you should disclose the existence of tenants in the MLS and you might need to accept offers subject to the tenants terminating their lease and moving out on or before settlement.
Read the entire article here : l lawarticle-reprint-whose-house-is-it-anyway
Lytle Law is a general practice law firm located in Newport News, Virginia. From two office locations on the Virginia Peninsula we serve clients and try cases across the Commonwealth including the Peninsula, Newport News, Hampton, Williamsburg, James City and York County areas. Lytle Law has the experience and ability to satisfy nearly all of a client’s legal needs, and where we believe we need help we will either associate appropriate counsel or provide a referral. www.LytleLaw.com
Brian Lytle is the president of Lytle Title www.LytleTitle.com Lytle Title & Escrow, LLC a Virginia licensed, insured, and bonded real estate settlement company doing business as Lytle Title. With offices in Newport News and WIlliamsburg, Virginia, we primarily serve the Virginia Peninsula (Hampton, Newport News, York County,Poquoson, James City County and Williamsburg), but we also regularly serve surrounding areas, to include New Kent, West Point, Suffolk, Isle of Wight, Gloucester and the greater Tidewater and Hampton Roads areas of Virginia.
Brian D. Lytle, Esq., Lytle Law, P.C. http://www.lytlelaw.com Reprinted with permission of the author. This article was originally published in the Realtor Update , a publication of the Virginia Peninsula Association of Realtors ®
The law may have changed since this article was written and published so caution is advised.
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