Question about living in a shared house?

Question

Hi
I am living in an apartment which is part of several apartments in the complex. Each apartment has their own owners, as they were sold seperately as luxury apartments.
I live in one of the bedrooms, the owner lives in one and the last one is occupied by a student.

These mortgage crises i hear of, have been worrying me, so i wanted to ask, that if the owner decides that he cant afford to pay the mortgage anymore, and he wants to sell it, what will happen to me? I have a lease for a year, Would i have to move out?
Doesnt the lease superceed the sale.

Answer 1

No. In all cases the sale of the property would null and void the lease. The owner would however be required to give you notice to vacate, which is usually at least a month.

Answer 2

Yes, Lease wins....but after that year is over depending upon the state you reside within, standard law say it automatically turns into a month to month rental agreement. Unless you sign a new lease that is. Therefore, a landlord can ask any month to month tenant to vacate property without needing a SPECIFIC CAUSE or REASON as long as they give the proper 30 day notice beforehand. Again, Landlord /Tenant Laws vary by State

Answer 3

My Grandpa got a whole complex at auction in San Francisco. And once the deed was in his name, he decided who could stay, and he raised most of the rents. He kept a old lady there, and he never raised her rent until she died. So who ever holds the deed calls the shots (that's why they call them land lords) the lease would be invalidated. We're all having it tough except the rich. So be sure to vote for someone that cares about the middle class. Good Luck, and don'tworry life's too short for that. God takes care of things.

Answer 4

You should go looking for another place to live since now. If that bad news come, maybe you already found a new place.

Answer 5

So you would rather the guy destroy his credit and live outside of his means so you don't have to move?