Of course yes, a landlord has all the rights to sell his property, even if you are renting it. As it’s a private property landlord have all the rights to sell his property. The new landlord has to inform you about the ownership change through a letter that contains his name, address & phone number.
There is no need for terminating; the buyer will become your new owner. Landlords just can’t kick tenants out for selling the property. Eviction of tenants from the property is against the law before the lease period ends. You will be having the same rights as you had with the previous landlord & will get your deposit back at the end of the lease period.
As the buyer property, he becomes the new owner & he has no rights to edit your lease agreement. The new buyer has to inform the tenants that the ownership has been changed & he will be their new landlord. Also, they have to notice you with a letter that specifies the time when he visits his property even if in emergencies.
Benefits for buyers
When people buy properties with tenants are likely landlords on their own. Moreover, it’s a great investment plan because it’s already being occupied & income is available instantly. You will start receiving money from the first day from your sitting tenants. Other benefits include legally that property should already be let, which means the previous owner should have met all the safety & health requirements. No need for refurbishing or refurbishing.
Different states different laws on tenancy, tenants & landlords can make mutual benefits.