A landlord is not obligated to inform tenants if the property is sold.
If the new owner wants to keep the tenants, then the new owner will become the tenants’ new landlord. The new landlord becomes responsible for all of the obligations of the old landlord, including any special terms agreed to in the original lease. The new landlord is also responsible for providing tenants with updated contact information and a statement about the security deposit. The new landlord cannot increase the security deposit and can only increase rent according to the rules of the Residential Tenancies Act.
There are two situations where a new owner can require tenants to move out:
- If the new owner, or the new owner’s relative, wants to live in the property; or
- If the property sold is one condo unit, one semi-detached dwelling, or one detached dwelling.
The new owner must request, in writing, that the landlord give current tenants a notice to terminate the tenancy. This notice must follow the rules outlined in the Residential Tenancies Act. For example, if the tenant has a monthly periodic tenancy, the landlord must give three months’ notice and it must be given on or before the first day of the three month period. For more information, see the Notices section of this website.
For more information about tenant and landlord rights when the rental property is put up for sale, go to the What You Need to Know if the Place You are Renting is Sold booklet.
For more information about purchasing or living in a condo, visit Condo Law for Albertans.