Our apartment was sold to a new landlord. Can we get out of the lease without a cancellation fee?

Question

I live in Wisconsin. We haven't signed anything with the new landlord. If he could cancel our lease at any time, could we then get out of the lease scott-free?

Answer 1

1) read your lease. It probably says that it is transferable.

2) If the new owner is looking to increase rents, they might just let you out of the lease, particularly if they've got people looking to rent.

Answer 2

R U still on a lease from the previous owner? If so it actually is still in effect. Now if the new owner has sent letters giving all residents a 30 day notice, that their lease will be voided in the 30 days u would then have the right to give a 30 day written notice to vacate. If at this time u r not on a new lease but r on a month to month all u have to do is give A 30 day notice in writing to vacate. Alot of people think if new owners take over a property their lease is null and void but that is not the case. UR lease is a binding, legal contract, no different then if u owned ur home & the mortgage company sold ur note to a different mortgage company, nothing changes just who u make the ck. out to & the new mortgage companies address. On a property its really the same, unless the name of the property changes u will pay rent as always. Now if the new owner or owners want to make changes such as rent increases etc. they r obligated to give u notice of any new rates or procedures, in most cases a new owner generally will not try to change in any way ur current lease. They really do not want to lose their residents. Now there may be policy changes such as pool hours, more strigent rules on property upkeep etc. at times having a new owner can be a plus, alot of new owners do improvments to the property, of course this all depends. Now if I am mistaken and u r in a sinle family dwelling not a apartment community u may be able to ask if u could give 30 day notice with no penalty. But really if u can fulfill ur lease it would be for the best. And remember when u do move request a walk thru get all in writting, if u r to get ur deposit back make sure it is on the walk thru sheet and signed by you and the owner or representative of the property, & get ur copy give them ur new address, in most states they have to refund any deposit or any credit balance due to a resident within 30 days of their move out date. Hope this has been of help.

Answer 3

I'm sure the building was sold "with occupancy". This means that the new owner bought the building knowing that there was a renter in the unit, and the contract you signed is still in place. Otherwise, the old owner would have given you the option before the building was sold to stay or leave. You will most likely need to fulfill your current lease, or pay the penalty that was written in your lease. He is obligated to maintain this lease until it expires, just as you are obligated to maintain the lease until it expires.

Answer 4

Nope! When the building is sold, the old lease is still in effect for the duration. It's like when a mortgage is sold between banks. The mortgage does NOT become null and void just because someone else owns it. You and the new landlord must honor the original contract.

Answer 5

An apartment complex/building is sold with the existing leases and tenancy in tact. The new landlord has to abide by any lease agreements in place as, do you.

Answer 6

Nope, The lease is in effect, but the best thing to do is read though it and determine that for your self

Answer 7

You don't say if you want to stay or leave. Either way, it can be accomplished. Read your old lease, becasue usually the terms are transferrable to a new owner upon transfer.

Answer 8

Your new landlord/ owner just takes over your lease.I dont believe you can get out of it scott free sorry

Answer 9

Usually no longer. In standard the brand new proprietor might be required to uphold all tasks of the historical proprietor to you, however you then might be required to uphold your finish of the hire too. It's a authorized precept that traditionally advantages above all the tenants. You would determine your hire, there would regularly be a loophole to permit you to depart (however this might be amazing). Ask for the touch for the brand new proprietor, might be they wish to begin recent, notably in case your regional marketplace might permit them to cost extra in hire than he would for you. Or might be they wish to redesign to get one of a kind tenants. In any case, they regularly do not HAVE to allow you to from your hire, however relying on their total plans, they MIGHT be open to it, and in case you each agree to finish the hire early, you win.