What will happen 2 me and the tenants of the building. When the new landlord takes over what will he do. Do anyone know about the security deposits. do we still pay the landlord. In the last 2 months they told us to change the name on the rent to them personally than the old co. they owned rental company????????Anyone help please...
2006-07-30 07:20:25 · 10 answers · asked by jamie55152005 1 in Business & Finance ➔ Renting & Real Estate
she didnt renew no ones lease at all
2006-07-30 07:32:14 · update #1
Here is your laws in your state http://www.uslandlord.com/ you have legal resources and much more...just go to Laws & Statutes and then your state.
Also you can chat live with an attorney http://www.lawyers.com/ and on this site also you can find people in your town ( city ) to help.
2006-08-01 03:59:53 · answer #1 · answered by Anonymous · 1⤊ 0⤋
As long as the landlord owns the building, you pay your rent to him or her.
They may want the checks payable to them because they are dissolving the LLC because they are selling the building.
At the closing, the seller gives the buyer a document called an assignment of rents and leases. That means that the old owner has transferred his rights to the new owner. The security deposits are also transferred at this time.
After the closing, you will get a notice that tells you who your new landlord is. It's called a letter of attornment. It's a fancy way of saying that the landlord is acknowledging you as a tenant, and telling you that your lease has been transferred to him or her.
You live in what as known as investment property. It is common for investment property to be sold. Do not get into a panic over a routine business transaction.
2006-07-30 11:13:32 · answer #2 · answered by BoomChikkaBoom 6 · 0⤊ 0⤋
if the owner of the building has said nothing to you, I would assume he expects the new owners will honor your old contracts you had on your rentals.
However, never "assume" anything. Ask him what's happening. Keep on top of things and keep asking.
When new owners come on board they usually raise the rents so be prepared for that when you renew. If it's not in their purchase contract to keep your leases then you might as a group have to contact an attorney to argue this matter for you. And, if the new owner wants you all to move out they must give you several days to move out, or they could shut off the electricity or something and they would be against the law, so talk with your neighbors to determine ahead of time what steps you should take IF the situation goes either of these ways. In the back of your mind look around and see what other rentals in your area cost just in case you need to move, for whatever reason.
2006-07-30 07:28:42 · answer #3 · answered by sophieb 7 · 0⤊ 0⤋
If it worries you start looking for a new place. They don't have a buyer yet if they just put this sign up.
Check with the county to see if there are any demolition plans in place for the building due to potential construction of highway or other improvements to be made.
Maybe the owner just is tired of being a landlord and wants out. I know I would after a while.
If a new owner just buys the building he will have to honor your lease until it expires. You can then bet your bottom dollar that the rent will go up.
2006-07-30 07:38:59 · answer #4 · answered by Credit Expert 5 · 0⤊ 0⤋
The new landlord is required by law to honor the leases. He gets the security deposit from the seller and holds it as that and must treat it the same way the original owner would have.
2006-07-30 07:26:05 · answer #5 · answered by rhymingron 6 · 0⤊ 0⤋
Most of the time, the buildings are sold with occupants.The contracts still stand. Most buyers like occupied units because the building would pay for itself. The sale should not affect the residents. Only if they decide to use the building for something else, which is highly unlikely. But,you should expect some changes, maybe even some remodeling.
2006-07-30 07:25:22 · answer #6 · answered by Gothic Martha™ 6 · 0⤊ 0⤋
Nothing will happen to you or any of the other tenants. It sounds like it's just a transfer of ownership and all that will change is where you send your rent. They may have a property management company manage the property and they are required to honor all pre-exisiting leases and contracts.
2006-07-30 07:33:01 · answer #7 · answered by VertigoU2 2 · 0⤊ 0⤋
Chill dude, this happens all the time. Just because a building is changing ownership, doesn't mean it will necessarily affect you. Check your lease or rental agreement. It's probably address there.
2006-07-30 07:25:14 · answer #8 · answered by Anonymous · 0⤊ 0⤋
1> check your rental lease agreement for your notification rights
2> offers must be made subject to interior inspection unless your lease details specific agreements and time considerations.
3> escrow time constraints must be made subject to your state laws regarding termination of lease.month-to-month agreements, and subsequent notice to vacate requirements.
4> bet your bottom dollar you will either get a rent raise or an eviction notice
2006-07-30 11:19:57 · answer #9 · answered by ? 3 · 0⤊ 0⤋
if you have a lease, then the buyer assumes the terms of the lease and there is nothing to worry about.
2006-07-30 07:30:39 · answer #10 · answered by Anonymous · 0⤊ 0⤋