If you got a 1 yr lease from the property manager and the Landlord sells the apartment unit does the new owner have to go by that lease?
- curtisports2Lv 72 months agoFavourite answer
If the lease is in writing, and the lease does not contain a clause to the contrary, then the new owner must honor the lease to its expiration. This is true in all US states.
- 2 months ago
Generally yes. But if the lease, for some reason, prohibits assignments by the landlord, then the tenant could get out of the lease.
- David 14Lv 72 months ago
Depends on your state. Usually they must honor the remaining part of the lease.
- BortLv 62 months ago
Yes, it most states of the US if a rental property sells the new owner has to honor any current lease until it expires.
The new owner can ask things like request the tenant(s) move out or agree to change the lease to their lease terms, the tenant has the right and option to decline. If they have a new lease it might be worth taking a look at. Looking at it and reading it isn't going to hurt anything. If you don't agree to their lease terms don't sign it and nicely share that you'd like to continue the current lease. You never know, maybe their terms might benefit you with some things. Rare, and probably not, but it's worth looking at to see if there's a decrease or increase in rent, what the differences are, etc.
If you decline to sign and agree after looking at it your current lease is still valid. At least if you take a look at it you'll know what's coming when your current lease expires.
When the current lease expires your options change; if you want to stay you'll have to sign agreeing to the new lease and it's terms, or move if you don't agree with the new lease and it's terms.
If you take a look at it you'll know and have time to prepare if you decide it's best to move when the current lease runs out.
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- RichardLv 62 months ago
- JudyLv 72 months ago
- SlumlordLv 72 months ago
Yes. They can, or course, ask you to leave when/ if the 1 year lease is up.
- Anonymous2 months ago
Depends on state law but typically yes.
- Anonymous2 months ago
If the property owner sells the property, the terms and conditions of the lease remain the same with the exception of where you send the payment.
If the new owner wants you out, you may be in a favorable bargaining position if they offer you "cash for keys". You do not have to accept an offer like this, but hey, if they are willing to give you 10k to leave, you might consider it.
- LollyLv 72 months ago
The lease is a contract that goes with the property. You would pay the new landlord, and a notice of the new ownership to the tenants is required by law. That's how it works in my state.