Landlord Question and Answer Forum
DO I have to honor a lease on a sale as the new owner? What if no security was required. Can I request one as the new property owner?
Steve Y, NJ on Thursday, February 15, 2007
RE: transfering leases on a sale.
Here in California, that is one of the only times you do not have to honor the lease. If you accept rent you automatically are renting month to month and applicable laws apply. And yes you can require, change, initiate a lease agreement... again check with your local laws.
Posted by
meredith s, CA
on
Saturday, December 29, 2007
RE: transfering leases on a sale.
This depends on the Lease. Many leases have clauses that explain the conditions upon a sale. If there are such conditions then I would think you would have to honor the current Lease until such time it expires. upon expiration in this case, after giving proper notice as required, you may then enforce any rules or rent increase or security deposit requirement that you see fit within state and local guidelines.
Posted by
Denise S, PA
on
Saturday, December 29, 2007
RE: transfering leases on a sale.
Seller has a current Lease in place. Buyer wants to Lease the property back to the Seller for the remaining period of the existing tenant lease, so the current Tenants Lease remains in effect. What is the best method of conducting this process to ensure that the Seller, Buyer and Current Tenant are all protected.
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on
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