Selling the rental apartment: rights and obligations for tenants - financial expert explains

Selling the rental apartment: rights and obligations for tenants - financial expert explains

According to a report by www.n-tv.de,
When a rental apartment is for sale, tenants have many questions. For example: What about the right of first refusal? What else is important – five questions and answers. It is news that makes those affected uneasy: the rental apartment in which they have perhaps lived for years is to be sold. In such a situation, many tenants fear that in the medium term there will be either a rent increase or a termination from the new landlord due to their own needs. We clarify what rights and obligations tenants have in this situation.

Do I have a right of first refusal if the apartment I rent is to be sold?
Regardless of whether the rental agreement contains a right of first refusal clause or not, tenants have a legal right of first refusal if the owner wants to convert the apartments into condominiums and sell them to a third party. If ownership passes to the tenant, the following applies: If the renting party finds out about the purchase before the landlord has handed over the apartment to the purchaser and the transfer of ownership is registered in the land register, the renting party can still exercise its right of first refusal. If the tenant only becomes aware of the sale at a later date, he can claim damages.

Do I have to let prospective buyers into the apartment?
Yes, tenants must allow potential buyers into the apartment to view the property. “However, you can insist that the landlord or at least the manager accompany you,” says Wagner.

Does the new owner have to take me on as a tenant?
The law says: purchase does not break rent. In concrete terms, this means that the new owner also takes over the rental agreement when he or she purchases the property. He or she can only terminate the contract in accordance with the general regulations.

What if the new owner wants to move in himself?
Termination by the new landlord for personal use is only possible after three years at the earliest.

Regardless of the blocking period: What notice periods apply?
“In principle, a notice period of three months applies,” says Janßen. For the landlord, this is extended by three months after five and eight years since the transfer. So it is a maximum of nine months. “However, other notice periods can also be agreed in the contract,” says Janßen.