landlady selling house; abrupt move coming?

[organictex]

my geriatric landlady is selling all of her property and we may be getting new landlords soon
(as in next month!). we only had a "handshake deal" for the past 7 years so i have concerns
about the deposit and last months rent. we paid 1st and last months rent plus a deposit up
front when we moved in. she is losing her faculties and moving to an assisted living place. she
says the business man down the road is buying the place soon as she moves. i asked her about
it and she says she will talk to the man to see how he wants to handle it. i'm afraid she will
suddenly disappear and then i get a 30 days eviction notice! anyone have any knowledge about
how this is supposed to be handled? i'm thinking i should get the money before she moves or not
pay the last month's rent for December? i'm not too concerned about the deposit since i rarely
ever got any deposit's back in my life and i figure i owe her for not raising my rent in 7 years ;)
(i wont even get into the amount of tasks we do for her either). thanks for any advice!
tex

[Miss Cellane]

Check the landlord/tenant laws in your state. They vary on what can/can't be done to the sitting tenant when a house is sold.

Worst case--the new owner will give you 30 days to vacate the property. I think most states give you at least that much.

About the money--check to see what your state requires the landlord to do with the money. Many states require that deposits/last months rent be placed in bank accounts and the interest given to the tenant when the tenant leaves. Usually, the seller is required to transfer that money to the buyer. But what works in your favor is that the buyer is usually required to give you that money, even if the seller didn't transfer it. It would be helpful if you have some proof of the amount--a check or a written agreement.

Since you don't have a lease, you don't have many protections here. The buyer can give you notice to vacate the house. Or they could raise your rent. It all depends on why the buyer is purchasing the property--to live in or as income property.

My advice would be to start looking for a new place now. Don't sign a lease or anything, but start the hunt, so you know what's out there and how much money you will need to get into a new place. Just in case the new landlord wants you out fast, or raises the rent to an amount you can't pay.

[reader99]

Yes, prepare for a move just in case. If it turns out you don't have to move, no harm done. And maybe some organizing and decluttering achieved, as well as a better understanding of the local housing market.

[organictex]

thanks for the information! i will definitely start saving some money for whatever happens.

[Zoebird]

I would definitely prepare for a move.

DH and I are looking at buying a live-income property next year/18 months. Most of the places that we can afford (and are in good condition) are fully tenanted. And, one of the places that we are looking at -- well, the tenants have lived there for years with no rent increases, though the property value is much higher than the current rent that those people pay.

While it sounds like the businessman is not looking to live in the home (like we are), he may be interested in increasing the rent. Or renovating the place so that he can get higher rent so he needs you out for the reno. Etc.

Definitely just prepare for a move. Best case scenario -- nothing will change.

[ToomuchStuff]

Without a lease, if he buys it, your not a tenant but an occupant or maybe, from his viewpoint, a squatter. But at this point you stated she is losing her faculties. Are you talking mental? If so, then you cannot get a valid lease currently (state of mind), but the buyer as well will have contract issues (something to remember if things get ugly).

[Simplemind]

Prepare for a move. I gave our renters 60 days. If not forced to move you most likely can expect a rental agreement and a big hike in rent.

[organictex]

thanks again for the info. i certainly will start preparing for a move but things
are definitely still up in the air. she (the landlady) has a different story almost
every time i talk to her...which i guess is the onset of ALZ? anyway, she just
bought an apartment and will be moving within a week or so and then she's heading
down to her winter home in Texas. i'm just wondering about this businessman's
possible purchase of the place. for one thing, we've never seen hide nor hair of this
fellow since she brought him up 6 mos ago. the other thing is he's supposed to buy
this house, her house next door, and two adjacent commercial lots w/ buildings. all
currently occupied. this guy would probably need half million dollars to buy this entire
place. so long story short, thats a lot to get done w/i a week before she heads off
down south! we may be up here through the winter again, but at least that will give
us time to save up ;)
ps i think she is a perfect example of someone whose kids were not looking out for her--
she was talked into buying a $147,000 apt in a high rise and there is no help there (not
like an assisted living place) and i predict she'll have to go to a nursing home w/i two years.
(i tried to tell her that would be best, since she is terribly lonely and just sits by herself
watching tv all day--my mother basically "came alive" when she went to a nursing home and
the last few years of her life were very happy). my landlady is, among other things, very stubborn.