what happens to a lease when a property is sold? Are the new owners obligated to honor the lease?
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Read More Answered By: John Corbett |
Some leases state that the tenant has to leave if the property is sold. That is frequently done if the owner knows that a sale will take place. However, most leases do not have such a provision and the leashold survives the sale. The new owner becomes the new landlord. BTW, the new landlord then needs to notify the tenants where the security deposit is.
See also: http://info.corbettlaw.net/lawguru.htm
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