Are tenants obligated to pay rent during a short sale? My landlord listed the property for short sale 2 months into our lease which ends in October. The bank has accepted an offer and the buyer is currently awaiting paperwork from the bank. The landlord says that we are obligated to pay rent and remain in lease terms until the process is complete after which we have 30 days and we can move out. I found a new place. I want to leave now. I want my security deposit back. What are tenants rights during short sale process? I live in Virginia.
Answer
The landlord's position is correct (in my opinion). (In fact, in the situation described, the new owner normally takes title subject to the terms of a lease currently in effect at that time.)
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