2007-08-29 08:40:30 · 11 answers · asked by LADYJ 1 in Business & Finance ➔ Renting & Real Estate
Nothing. The lease remains valid and passes to the new owners. If the new owners want you out. They could offer to buy you out. But you don't have to accept.
Of course at the end of the lease, the new owners could put you out.
2007-08-29 09:00:51 · answer #1 · answered by bdancer222 7 · 0⤊ 0⤋
Your lease will remain in full affect with the new owners. If you're renting a house, then the current owner should have given you 30 days notice to vacate if the new owners were planning on moving in, there would have been a clause in your lease agreement that stated that if the property sells that the owner can terminate your lease, however, if there isn't a specific termination clause stating that and if your lease does not expire for several months chances are the new owners are aware that there is a lease on the property and will assume the lease and rent until the lease term is up. Depends on what the new owners are planning on doing with the property, are they moving into it or are they using it as an investment property? chances are 30 days prior to your lease expiration you'll be receiving a notice from the new owner that they will not be renewing your lease. As long as you have a current lease in place the Landlord cannot just kick you out without giving you sufficient notice as per the lease. In most Tenant/Landlord disputes the Tenant always wins. READ YOUR LEASE and speak to the current owner.
If you're in an apartment complex then nothing will change, only the owner will. You'll receive a letter telling you who to make your checks payable to and there even might be a change in management companies and or staff. Unless the new owner plans on turning the apartments into condos you should be fine.
2007-08-29 15:57:47 · answer #2 · answered by Weimaraner Mom 7 · 0⤊ 0⤋
Your lease covers you until the lease expires. You are obligated to pay your rent and keep the place clean and in good condition. Whatever your lease says. If you mowed the yard under your old agreement, you should do so for the new landlord. If you shoveled the snow for the old landlord, you should do so for the new landlord.
Be aware that any verbal agreement you had with the old landlord may not be true with the new one. The lease in writing is the one the courts will uphold.
The new owner may be purchasing the property as an investment. Just make sure you know who to pay your rent to and where to pay it. Talk to the Realtor who is handing this and ask them to make sure you get a notice signed by both purchaser and seller to keep it clear. IMO, it's just good business. I would get a receipt for the first few months and hold on to them. Never pay cash. Use a check or money order. Once you get comfortable with the new landlord, things should settle down.
Be aware that the new owner has the right to not renew your lease. Be sure to ask the new owner as the time for the lease expiration comes closer. Another possibility could be the new owner might ask you to sign a new lease. Just read it over carefully for things that are different than your current lease. If I were the new owner, I would want a new lease. It is NOT required the new owner do so.
2007-08-29 15:50:29 · answer #3 · answered by Jeff H 5 · 0⤊ 0⤋
You should have known much sooner than a week to closing. New property owner has to go with the lease agreement. They probably sold to an investor who is looking to rent it out anyway. If that is the case, they you're probably safe, however they can change the rent on you and they porbably will. Call the original owners and find out.
2007-08-29 16:16:20 · answer #4 · answered by jdecorse25 5 · 0⤊ 0⤋
They are stuck with you until your lease expires, also, the new owner might want you to continue to rent. Make sure you get in touch with new owner before closing to find out where to send rent checks, so the seller will transfer any security deposits or rents already paid, and to put him on notice you are a tenant, preferably by certified mail.
2007-08-29 15:48:43 · answer #5 · answered by stephen t 5 · 0⤊ 0⤋
Depending on the rental laws where you live the new owner must give you time to find another place to live or honor the remainder of the lease. I would call your local housing authority to find out for sure though.
2007-08-29 15:47:26 · answer #6 · answered by ? 5 · 0⤊ 1⤋
Nothing is supposed to happen to you. You may stay till end of lease no matter what.... You have a contract (a valid one)
You may get out if it if they offer you money to leave and is enough for you, else you can stay up till end of lease.
2007-08-29 15:47:48 · answer #7 · answered by Anonymous · 1⤊ 0⤋
SIMPLY, the lease stays with the bldg, unless there is a sell clause within and the lease, then it is/may be void.
2007-08-29 15:54:17 · answer #8 · answered by ticketoride05 2 · 0⤊ 0⤋
ask the landlord, they might have sold the property to an investor who doesn't want to live in the property.
2007-08-29 15:43:36 · answer #9 · answered by Anonymous · 0⤊ 0⤋
find out if the new buyer is buying it as a rental property or if they plan to use it as their primary residence
2007-08-29 15:44:11 · answer #10 · answered by Anonymous · 1⤊ 1⤋