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Author Topic: Sold Property while Tenancy  (Read 369 times)

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Offline Maan

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Sold Property while Tenancy
« on: May 19, 2016, 01:28:49 PM »
Sir, I have sold my Mumbai property and did a "Agreement for sale" along with Registry on 7th Apr 2016 at registrar off.The full and final settlement amount was paid to me by the buyer on 18th MAY 2016.Mean while i already had a tenant. Now the buyer is asking me to pay him two months advance rental plus the rent which my tenant paid for April Month to me. He says as registry happened on 7th April, 1. He is the rightful owner of the property post 7th APRIL 2016 and 2. He is entitled to APRIL's rent plus two months advance rental which the tenant paid to me. My Concern: Is he right? he is ok with my tenant continue on rent however the buyer has not yet initiated any MOU/Fresh Rental agreement with my tenant. As i got full & final payment from buyer on 18th MAY 2016, do i need to pay buyer the APR month's rent plus advance rental? Should i not return the advance rental to my tenant instead? If yes what documents do i undertake with my tenant? Pls guide.

Offline advjaibansal

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Re: Sold Property while Tenancy
« Reply #1 on: May 19, 2016, 10:23:48 PM »
Dear Sir,

The moment you sold the property, you are no more the owner of the said property and having no rights on the property or any of the rent received on the property. By selling the property, you vest all the rights not he new owners.

You have to pay the rent to the new owner for the month of April and if any advance rent taken from the tenant to the new owner. Please do the documentation that you have paid these rent to the new owner and your obligation towards the tenant ends and for everything new owner is responsible towards the tenant.

Regards,
jai bansal
Advocate, New Delhi
Supreme Court of India
bansal.jai@gmail.com
mobile: 09868566649

Offline adv.amarnath

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Re: Sold Property while Tenancy
« Reply #2 on: May 20, 2016, 03:31:49 AM »
 Is he right? he is ok with my tenant continue on rent however the buyer has not yet initiated any MOU/Fresh Rental agreement with my tenant. As i got full & final payment from buyer on 18th MAY 2016, do i need to pay buyer the APR month's rent plus advance rental?
Yes, you have to return the rent which you have received after selling out of your property.

Should i not return the advance rental to my tenant instead? If yes what documents do i undertake with my tenant?

Ans: you should return the amount to the present landlord. You should made a written document where tenant must be witness with a note that present landlord has received the rent from you.
Regards,

Amarnath Sanyal
Advocate
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Offline rajgopal sripathi

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Re: Sold Property while Tenancy
« Reply #3 on: May 21, 2016, 07:48:11 AM »
Hi
The date of registration of the document is the date of transfer of ownership of property.
So technically your tenant should be the rent to the  new owner  from the date of registration.
Now coming to advance rental: We need to see the sale consideration paid by the buyer to you. Normally at the time of purchase of property, buyers will factor in the advance rental lying with the current owner. So, if you have informed your buyer that the new buyer will need to repay the advance rental to the tenant, then the new owner only should pay.
So you need to see what were the terms of your price negotiation with your buyer.
Rajgopal Sripathi
Mobile:9704772200
email:rajgopal@legalwin.in

 

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