it is 6 apartments and 2 business spots in on bulding.
2006-12-20 08:32:22 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
i pay my rent monthly
2006-12-20 08:38:47 · update #1
Generally, the new owner is required to honor the terms of your existing lease. However, since it is an apartment building, I would imagine that the new owner would likely want to keep the existing tenants (I know that my clients prefer to buy buildings that already have tenants in place). This is usually more of an issue when it's a single family home that is being used as a rental.
2006-12-20 08:42:01 · answer #1 · answered by ramman 4 · 0⤊ 0⤋
Yes, you pay your rent monthly. Does that mean you are actually on a month-to-month lease?
The new buyers have to honor your lease, as long as it is in place. So, if you are on a month to month lease, you could have as little as 30 days notice to vacate (from the end of the month).
Unless you have not been a good tenant (you pay on time and keep your place clean), it's likely that the new owner will want you to renew your lease for another 12 months. If you don't want to do a long-term lease, you may find the new owner wanting to market your unit to someone who they can lock into a longer term deal.
But just selling the property does NOT mean everyone is getting the boot. You could even ask your landlord what he thinks will happen. If you are going to get asked to leave or to sign a new long lease, he may already know. But he may not want to tell you anything that could cause his deal to fall apart too, or cause trouble with the tenants.
2006-12-20 16:58:56 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You need to start looking. If you don't have a lease that is currently effective (in other words, if your lease is outdated, it is not good)....then you could be asked to move immediately, more or less. If you have a lease, in most cases, the current and new owners are required to honor it through lease end. Some lstate aws make an exception if the new owner specifically wants to occupy your unit himself: then he doesn't need to honor your lease until its end. So I'd start looking to be prepared and get a feel for the market. The new owner could be perfectly happy to have tenants...but if they do renovations, will likely be raising the rates.
2006-12-20 16:42:43 · answer #3 · answered by lotsaanswers 3 · 0⤊ 0⤋
Not necessarily. You should be prepared for the fact that the new owners may want you to leave. They are obligated to honor your existing lease, though (unless they will be inhabiting your apartment themself). You should have until the end of your lease.
2006-12-20 16:35:20 · answer #4 · answered by Phoenix, Wise Guru 7 · 1⤊ 0⤋