Wondering, can a lease be broken if property is sold? The fate of a lease when a property is sold depends on the language in the lease itself.
Here are the key points:
Fixed-Term Lease: If you have a fixed-term lease, the new owner cannot make changes until the lease expires. After that, they can give a 30-day notice to make changes or end the tenancy.
Periodic Lease: A periodic lease (usually month-to-month) can be changed by the new owner with notice equal to the rental payment duration.
State and Local Laws: Some states and cities have tenant protection laws that supersede lease terms.
Foreclosure Exception: Since 2009, new owners after foreclosure must honor existing leases, except if they intend to live in the property themselves.
Remember to check your specific lease and local regulations for accurate guidance!
Get a Rent Agreement Drafted Via Expert Advocates of NoBroker Legal Services!Read More:
Can Landlord Terminate Lease Without Cause?
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Can a Lease be Broken if Property is Sold?
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2024-07-29T11:45:24+00:00 2024-07-29T11:45:25+00:00Comment
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