If you live in an apartment building and a new owner buy the building do you have to move?

Answer 1

if they tell you you have to then tell them to screw off and dont pay your rent,, your gonna get kicked out anyway.

Answer 2

It really depends of what the new owners plans are for the building. Usually, if there is a lease from the past owner they allow they lease to stay intact until it expires. At least here in Tennessee anyway.

When informed of a pending sale, or new owners, by all means contact the seller or buyer (or both) and explore the options.

This will prepare you for any upcoming changes, and will also show the new owner's your commitment to your home and it shows that you are a responsable person as well. Plesae, let me know what turns up. Best of everything.

Answer 3

Depends on the owner. Some owners won't change a thing, some will give you time to find a new place, and some up the rent and give you an option of staying and paying the higher rate or moving out. If it's a bigger sized apartment, check the boards and see if there are any letters to the residents or any apartment residence meetings coming up. If not, contact the current owner and ask for contact info for the new owner.

Answer 4

Not necessarily, and in the current economy I think the new owners would want to hang on to you as a good tenent. When an apartment building is sold it is at the sole discretion of the the new owner. If they choose to keep it an apartment building then they could raise your rent or kick you out (which would really not be smart), or if they decide to level it for something else. Either way they have to give you ample notice - it is state mandated.

Answer 5

For the details, you will have to check with a lawyer or agency that deals with landlord-tenant issues in your state.

In general, the lease or rental agreement stays in place. The prospective buyer may ask the present owner to evict everyone before the closing, but that happens only if the new owner has plans for major changes in the building.

The new owner may give all at-will tenants a notice to quit, not because he wants you out, but because he wants to raise the rent. He has to wait for any leases to expire before he can do that (unless the lessees don't pay the rent or otherwise breach the lease). You can stay only if you agree to pay the higher rent.

(A lease is a written agreement for an apartment in exchange for rent for a definite term, usually a year. You can have a written rental agreement, but if it is opend-ended, it is not a lease.)

Answer 6

No. All rental agreements/leases remain intact until their expiration.

I don't know the law in your state, but the only way a new owner can evict a tenant is if the new owner moves into that particular apartment and stays there for a few years. Or if they convert to condos.

Answer 7

The bylaws in your lease should tell you, your rights, if you have to move they would have to give you some kind of notice and cant just kick you out. If you are that concerned about what the new owners are going to do, I would start looking for a place to live before I am forced to.

Answer 8

I am a landlord.. by law the old owners are suppose to let everyone know in writing not oral they are saling the property and let everyone know before it takes effect of any changes that will occur. if you do not get anything in writing your lease will stay the same after the new owners takes over. later after the new owners take over they have to again in writing let everyone know if anything is going to be different about the rental... and give you time to think about it and make decisions on if you want to stay or move out. they can not make you move on sale unless the new owners are gonna be moving into the rental property that they have bought and still in writing let the tentants have a deadline of when the sale will take effect and when they have to be out by. read up on your state and town laws on rental property and new and old owners.... each place is different on some things.

Answer 9

They need to give you 3 months notice. If its a lease, they have to obligate the lease. Unless you and the new owner come to an agreement for you to move out.

Answer 10

When your lease expires yes. This recently happened to me and my lease had expired. The new owners gave everybody 3 months to find a place. Didn't rush anyone but it still sucked. I guess what really sucked was that the old landlord never told anyone.

Answer 11

It depends if you hold a current lease? If you do for a fixed term then they can't just boot you out. Leases or tenancy agreements are legally binding contracts and the new owners must honour them.