Full question:
My lease for a room in a private home (not owner occupied) is in force until July 2008. The owner has just sold the home, there is no words in the lease agreement regarding lease termination in this situation. I am told I will probably be required to move out with 60 days notice. The owners want to move in the end of May. What are my rights? Do I qualify for compensation for breaking the lease?
- Category: Landlord Tenant
- Date:
- State: National
Answer:
The sale of the property does not automatically terminate your lease. The new owner typically takes over the property subject to the existing lease. Unless your lease states otherwise, the landlord is still bound by its terms after a sale.
Any deposits you paid to the original owner must be transferred to the new owner, who must hold them in a trust or escrow account. The new owner is also required to inform you where your deposits are held.
If there is a change in ownership, you should be notified promptly, either by certified mail or through an updated posting. If the new owner does not reside in the same state, they must designate a local agent for service of notices and processes. If no agent is designated, the person to whom you make rental payments will be considered the agent.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.