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Right of first refusal when renting an apartment: rights and obligations for tenants - financial expert explains
According to a report from www.merkur.de, tenants have many questions when their rental apartment is for sale. In such a situation, many fear that in the medium term there will be either a rent increase or termination due to personal use. There are five important questions and answers on this topic that tenants should know. Statutory right of first refusal for tenants: Regardless of whether the rental agreement contains a clause on the right of first refusal or not: Tenants have a statutory right of first refusal if the owner wants to convert the apartment into condominiums and sell it to a third party. The tenant can claim damages if they only find out about the sale later. The right of first refusal can be granted within two...
Right of first refusal when renting an apartment: rights and obligations for tenants - financial expert explains
According to a report by www.merkur.de, tenants have many questions when their rental property is for sale. In such a situation, many fear that in the medium term there will be either a rent increase or termination due to personal use. There are five important questions and answers on this topic that tenants should know.
Legal right of first refusal for tenants:
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 apartment into condominiums and sell it to a third party. The tenant can claim damages if they only find out about the sale later. The right of first refusal can be exercised within two months of receipt of notification of the intention to sell.
Right to view and notice periods:
Tenants must allow potential buyers into the apartment for viewing, but can insist that the landlord or at least the manager accompany them. When the new owner purchases the property, he or she also takes over the rental agreement and can only terminate the lease if the general notice periods are observed.
These legal regulations can have an impact on the real estate market by strengthening tenant rights and requiring sellers and buyers to behave in certain ways. The right of first refusal and the assumption of the lease by the new owner can influence the sales process and negotiations. Additionally, potential buyers and sellers can adjust their strategies to take tenants' rights and responsibilities into account.
Read the source article at www.merkur.de