Legal Question in Real Estate Law in Georgia
Tenant's Rights - Short Sale
A tenant has paid Security Deposit and in one week will move in. The owner informed this week she was going into a short sale. Is she still obligated to honor the tenant's lease agreement?
3 Answers from Attorneys
Re: Tenant's Rights - Short Sale
It depends on the wording of the lease, but probably so. The lease also may need to be recorded. Consult with a local attorney.
Re: Tenant's Rights - Short Sale
There are two questions - what are the legal obligations, and what is the smart thing to do. A lot of time and money are spent on fighting over "rights" when the best option is to sometimes avoid the problem. If you have an alternative place and can get your deposit back, you might avoid trouble later.
Re: Tenant's Rights - Short Sale
Yes. With a few exceptions, encumbrances on land, including leases, flow with the property.
If you would like to discuss any issues further, please feel free to contact my office. My contact information is below. Thank you.
The foregoing is general information only, not specific legal advice. No attorney/client relation has been created or should be implied.
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