Under new rules, tenants do have the right to the term of their lease – however, it is subject to two very important caveats:
1) A dwelling purchased by someone who intends to occupy the home themselves can issue a 90 day notice to the tenants and void their lease in that fashion. Someone purchasing a home as a rental investment, however, must honor the existing lease subject to the second condition below.
2) Any lease must be “fair market value” – so no total sweetheart multi-year deals or anything of that sort.
