Hi Gary. I wanted to get back to you and let you know that weve decided to have you sell our rental at XXX XXX Street. I heard about some new law where you have to give the tenants more than 30-days notice to move. How does that work?
***ANSWER:
As of January 1, once again you may be legally required to give your tenants 60-day notice to move if ALL tenants have been at the property for at least one year. (If even one tenant has been for less than a year, 30-day notice is OK.)
Additionally, 30-day notice can be given when ALL of the following conditions have been met:
1. The dwelling is a separately alienable unit (i.e. single family attached or detached)
2. The unit is being sold to a bona fide purchaser for value
3. Escrow has been established with a license escrow agent or broker
4. The buyer is a natural person or persons (as opposed to a legal entity such as a corporation)
5. Notice is given within 120 days after escrow is opened
6. Notice was not previously given to the tenant
7. The buyer intends to live in the property for at least one year
Heres how Id summarize the law:
If all tenants have been in the property for at least one year, you must give 60 days notice UNLESS its a single family property and the buyer intends to live there.
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