Feb
20
What happens to the tenents lease when an apartment complex is sold?
By
About 8 months ago I signed a lease with company A. In their guide it talks about the ability to transfer apartment complexes with no penalty, although this was not stipulated in the lease. Since then, company A sold the apartment complex to company B. Of course now I have to move and company B will not let me transfer without paying the remaining 4 months of rent.
I never signed a contract with company B, what are my options? Does my old lease still hold?
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3 Comments
February 21st, 2009 at 2:48 pm
Usually the company that buys the complex assumes the leases.
They could ask you to sign a new lease and if you don’t want to could ask you to move
February 21st, 2009 at 5:09 pm
Yes. Your old lease is valid and still in effect. The company that bought the building bought it subject to your lease.
February 23rd, 2009 at 4:13 pm
You may have a number of options, depending on the lease that you signed. Check your current lease to see what happens in the even the property is sold. You may be able to get out of the lease, but most likely your current lease will continue unchanged. In addition, the new owner may have rights to kick you out at some point, although this likely won’t happen.