Are rental agreements transferable to new owners when a rental property is sold?

by **darik** » Wed Nov 23, 2011 4:46 pm

I signed a standard month-to-month rental agreement with my former property management company in February 2010. The apartment building was sold in December 2010, and is now managed by an independent property manager. Over the past several months there have been letters sent to all tenants regarding normal issues like parking, plumbing, etc., that reference "as agreed upon in your rental agreement." There have been new tenants since the new owner/property manager took over, however I am a previous tenant and have not signed a new rental agreement. Are rental agreements transferable to the new owner when a rental property is sold? What about my deposit? I left a $700 deposit when I signed the rental agreement. Will I get that back from the new owner when I decide to move? Thank you for your help and feedback.

by **lazaro94** » Wed Nov 23, 2011 4:53 pm

yeah

by **kendrix** » Wed Nov 23, 2011 4:57 pm

Yes, the lease and the deposits are all transferred to the new owner in an income property transaction. Your lease has not changed, but be aware that they may ask you to sign a new one. In most cases, if you are a good tenant, they will leave everything alone. Your deposit should be safe with the new owner and should be returned to you as long as there is no damage.

by **said99** » Wed Nov 23, 2011 5:01 pm

The old rental agreement or lease applies. A lease or rental agreement carries over to a new owner.

by **hurst** » Wed Nov 23, 2011 5:18 pm

Yes and since you are a month to month tenant any rent increases and change in rules would apply to you.

by **adamka** » Wed Nov 23, 2011 5:22 pm

Yes, the lease transfers.

Advertisments:

Sponsor Links: