I am in California, my lease expires in 8 months, if landlord sells the house before, will I have to leave? Will the lease be broken?
2007-10-26 04:59:37 · 5 answers · asked by nathalie c 1 in Business & Finance ➔ Renting & Real Estate
If the new owner agrees to continue your lease then you will be allowed to continue to live there. If not, you will need to find another place to live.
2007-10-26 05:14:58 · answer #1 · answered by backyard mech 2 · 0⤊ 2⤋
The new owner is obligated to honor the terms of the existing lease. They can not raise the rent or have you evicted simply because they don't want a renter. Of course, they could negotiate with you to buy out your lease but you are not required to do that. As mentioned, they do not have to renew it once it expires.
2007-10-26 06:38:18 · answer #2 · answered by rdd1952 3 · 0⤊ 0⤋
In nearly all cases (except foreclosures) ownership transfer includes transfer of lease contracts. It's not mandatory, but if it is not transferred with the property, the seller finds himself with a legally binding lease contract which he cannot fulfill because he no longer owns the property needed to fulfill the terms.
Hence, such leases are 99.9% transferred with the property.
2007-10-26 05:13:17 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
As said by others the new owner has to comply with the lease. They may be willing to negotiate a new deal with you, however, such as giving you cheaper rent if you'll leave sooner.
2007-10-26 06:29:16 · answer #4 · answered by Venita Peyton 6 · 0⤊ 0⤋
No, if he sells the property, the new owner must honor the remaining lease and the security deposit you already have, but they do not have to renew it.
2007-10-26 05:29:20 · answer #5 · answered by Expert8675309 7 · 0⤊ 0⤋