I live in California
2007-07-05 09:32:38 · 12 answers · asked by alan g 2 in Business & Finance ➔ Renting & Real Estate
As long as you have a valid lease, it will be valid with the new owners as well.
2007-07-05 09:42:27 · answer #1 · answered by flamingojohn 4 · 0⤊ 0⤋
Generally speaking, the seller of a property will transfer lease responsibility to the new owners as part of the sale contract. However, if the seller did NOT do so, you have a peculiar situation. You STILL have a legal binding contract with the former owner which he can no longer honor, since he no longer owns the real estate involved. You have no contract with the new owner if it was not transferred with the sale.
So, if that is the case, you have no lease with the new owners, but you CAN sue the former owner to either perform or pay you money for not honoring your contract.
2007-07-05 11:30:31 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
When the current landlord sells a building, they will generally put something in the contract that says the new owner must honor the lease. However, if the new owner does not honor the lease they must give you notice and not charge any penalties if you are required to move.
2007-07-05 09:37:00 · answer #3 · answered by OC1999 7 · 0⤊ 0⤋
Yes, it is still valid as long as your not on a month to month basis and still have a lease agreement term that hasnt ended. They will have to do a tenant estoppel certificate to transfer the lease over to the new owner during their escrow period. MAKE sure everything you sign for them is correct. I have sold many multi-units type complex and that is something we get from the owners that are selling the property to verified the leases and rents.
2007-07-05 09:42:12 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Not sure specifically for California, but typically the new owner has to honor the lease.
2007-07-05 09:35:45 · answer #5 · answered by mister_galager 5 · 0⤊ 0⤋
Only if it contains a successorship clause.The lease agreement was with you and the previous owner not the building itself.since the original owner has sold his interest,the new owner has the right to negotiate the rights to occupy the building.
2007-07-05 09:44:01 · answer #6 · answered by Anonymous · 0⤊ 0⤋
depends on how the building was sold. See your old and new landlord and see what there take is on it. You sighned alease with the company or the landloard himself?
Be open and if it smells fishy seek legal advice. Most times you can talk it out without haveing leagal issues.
2007-07-05 09:37:51 · answer #7 · answered by nblett 2 · 0⤊ 0⤋
More than likely, unless when you signed your lease, you amended it saying that if the property was sold, you could revisit the terms.
Check with a lawyer to make sure.
2007-07-05 09:37:22 · answer #8 · answered by don aka bigdaddy 2 · 0⤊ 0⤋
Typically, yes. However, a real estate attorney in your state should review the lease to ensure you are protected.
Check with your employer to see if they have legal services available to its employees at reduced fees.
2007-07-05 10:08:12 · answer #9 · answered by Anonymous · 0⤊ 0⤋
If you both signed the lease then it is a binding contract in law that only a court can modify.
2007-07-05 09:37:06 · answer #10 · answered by tucksie 6 · 0⤊ 0⤋