Legal Question in Landlord & Tenant Law in New York
New owners = New lease?
Myself and 3 other tenants signed a lease with one owner..6 months later, we got a letter stating they sold our building and there are new owners...Becasue of this shift in owners, should there be a new lease..If i wanted to move out, am i legaly bound to the original lease..
1 Answer from Attorneys
Re: New owners = New lease?
It depends how the lease reads and if it is assignable but in most circumstances, you are subject to the lease and so is the new owner. You must continue paying rent for its term and the owner cannot evict you or raise your rent.
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