2006-07-16 15:25:16 · 11 answers · asked by outdoorcutie1 1 in Business & Finance ➔ Renting & Real Estate
Here are your rights in your state...just click on Laws & Statutes and then your state.
2006-07-22 00:59:28 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The lease transfers with the property to the new landlord and is a valid lease between you and the new landlord all terms are binding upon both parties, Now certain states like NJ have an owner occupied statute that allows canceling of a lease with proper notice if the new owners intended to personally occupied the unit but this law is the minority in the land.
Also as stated above the security deposit transfers with the property to the new owners
2006-07-16 15:51:34 · answer #2 · answered by goz1111 7 · 0⤊ 0⤋
Read your lease. Is there anything in their that stipulates that the owners have the option of selling the property and giving you reasonable notice in the event you will need to move? If you do not understand the legal jargon of the lease take it to a lawyer, he should be able to answer your questions for a reasonable fee.
2006-07-16 15:31:53 · answer #3 · answered by Fancygal 3 · 0⤊ 0⤋
Depends on the state. In Iowa at time of sale, the new owner can decide to honor tenant rights or to give notice that they are to be canceled. In Iowa you would have at least 30 days. But if he bought it as an investment, most likely they will honor existing leases. If they want the home to live in, you may need to start looking for new home. By the way the security deposit transfers to new owner at closing.
2006-07-16 15:31:03 · answer #4 · answered by Rancher 3 · 0⤊ 0⤋
if you have a legal binding lease that states you have six months left they have to honor it or they do here in south carolina i use to be an apartment manager and when my property was sold things were changed but to those who had a lease that had not run out we had to honor it until the lease was over
2006-07-16 15:31:32 · answer #5 · answered by sclady62001p 5 · 0⤊ 0⤋
First, read your lease for any clause about if the unit is sold.
Second, did the sell the unit with tenant occupancy?
Third, you have to have at least 30 days (I am pretty sure) notice, so you can locate another place and move.
If none of the above, look at your states landlord-tenant statutes... each state is different.
2006-07-16 15:30:17 · answer #6 · answered by D 4 · 0⤊ 0⤋
Look over your lease. Most mention something about the "Lessor" selling the building.
Find out if the new owners are going to continue using it as a rental property.
2006-07-16 15:29:33 · answer #7 · answered by Anonymous · 0⤊ 0⤋
unfortunately, you are s. o. l. - your lease is between you and the soon-to-be previous owner and the new owner does not have to honor the lease.
2006-07-16 15:32:23 · answer #8 · answered by dlsnascarfan 1 · 0⤊ 0⤋
ask to opt out of the lease if not sue the owner!
2006-07-16 15:30:32 · answer #9 · answered by Paul G 5 · 0⤊ 0⤋
In California, you stay in your place while making payments to the new owner. who knows, maybe the new owner wants to keep it as a rental.
Regards
2006-07-16 15:40:55 · answer #10 · answered by Anonymous · 0⤊ 0⤋