Ending a lease early due to sale

[Dan A.]

Hey guys,

I'm renting a property in Chicago that I intend to sell, and due to tax considerations I will likely need to end the lease a month earlier than our contract requires. I've gone through my lease (it's a standard domu contract) and I don't see anything that discusses this specific situation.

So, does the tenant have any recourse in this situation? I intend to be upfront with them and explain the situation, but I would of course like to know where I stand from a legal perspective.

Thanks,

D

[Chris Titcomb]

@Dan A., without actually reading the lease, I can let you know that the tenant has lease rights and, in all likelihood, will be able to remain in possession of the unit until the end of the lease term, if he/she wants to.  If you've read through the lease, I'll assume there isn't an early termination clause.  Best case scenario, your tenant agrees to leave early.  Worst case scenario, let's assume he/she decides to stay until the lease expires AND lets assume you find a new buyer that wants to close before the lease expiration date.  You can always close and have the new buyer take title subject to the existing lease.  Many buyers are willing to do that...