If a residence is bought out before the end of a lease is up and there was no notice to lesee until after the fact, what can be done?

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

If a residence is bought out before the end of a lease is up and there was no notice to lesee until after the fact, what can be done?

It was a lease with option to buy, and the new owner does not have the same thoughts. The lease option to buy was to purchase the property after 1 year of leasing with all money paid in to be the down payment. Now all money is gone, including intial deposit, and previous owner is nowhere to be found.

Asked on September 11, 2012 under Real Estate Law, Kentucky

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

If the term of your lease is not up, you have the right to remain in the unit subject to paying the agreement upon rent to the new landlord. As for damages stemming from the former landlord's breach of contract, your damages would be the difference between your agreed upon purchase price and the amount paid by your new landlord.

For example, your agreement to pay $200,000 but the former landlord sold it for $225,000, your damages would be 25,000.

I suggest that you consult with a real estate attorney as to your legal recourse. You will be able to track down the former landlord through a good private investigator.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption