TALKING IN REGARDS TO LEASED PROPERTY THAT IS BEING SOLD ON THE REAL ESTATE MARKET WHILE THE TENANTS ARE STILL IN A SIGNED LEASED AGREEMENT WITH THE PREVIOUS OWNER. WHAT HAPPENS WHEN THE NEW PROPERY OWNER TAKES OVER WITH THE EXISTING LEASE OR LEASES?
2007-03-28 06:06:39 · 6 answers · asked by T V 1 in Business & Finance ➔ Renting & Real Estate
The lease is with you and not the new owner. The new owner has the option of forming his own lease with the present tenants or he can have them vacate the property at his discretion.
2007-03-28 06:12:06 · answer #1 · answered by jim_elkins 5 · 0⤊ 0⤋
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2016-07-20 10:12:16 · answer #2 · answered by Terrell 3 · 0⤊ 0⤋
Normally the lease is assigned to the new owner and continues as written until the expiration date. I'm not in Texas, but in my state you can't simply put someone out because the property changes hands - nor can you force a renegotiation of the lease. The purchaser buys the house AND the lease.
2007-03-28 07:03:32 · answer #3 · answered by njc_flhtc 4 · 0⤊ 0⤋
The new owner bought the property subject to the leases. If it is a month to month he will have to give a month's notice to get you out or raise the rent, etc. If the lease has 6 months to run then he has to honor that or work out a deal with you before he can make any changes.
2007-03-28 06:22:50 · answer #4 · answered by Roger C 5 · 0⤊ 0⤋
an additional note. . .
In some states it is required that you offer the leases first right of refusal, meaning it may be illegal to sell the house that they have a signed lease on unless you offer them to purchase it first. despite if they can afford it or not.
2007-03-28 08:12:03 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Rent To Own Homes : http://RentToOwnHome.uzaev.com/?DZYb
2016-07-12 07:45:03 · answer #6 · answered by ? 3 · 0⤊ 0⤋
Please turn off your caps lock when posting. IT COMES ACROSS AS YELLING.
2007-03-28 06:12:54 · answer #7 · answered by The Phlebob 7 · 0⤊ 0⤋