Full question:
I have recently purchased land through a court sale there is a lease agreement on the land the agreement has not been recorded and stipulations in the lease have not been met I need to know how binding the agreement is in OK.
- Category: Landlord Tenant
- Date:
- State: Oklahoma
Answer:
Your question does not specify whether the property is residential or commercial. Generally, most lease agreements include provisions for successors, meaning the lease may continue despite a change in ownership.
If there are tenants currently residing on the property, they may have signed a lease before the previous owner recorded their mortgage. In such cases, the lease would survive the foreclosure, and you would need to honor it until it expires.
If the tenants have a month-to-month rental agreement or a lease signed after the mortgage was recorded, the foreclosure would typically void their lease, allowing you to evict them if you choose.
Additionally, if the property is subject to local rent control laws requiring landlords to have a valid reason to terminate leases, you may not be able to simply issue a notice to vacate. You may need to retain the tenants as long as you continue to use the property for rental purposes, unless you meet one of the ordinance's allowable reasons for termination.
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.