If new management takes over, do they have to honor the old lease until it expires?
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If new management takes over, do they have to honor the old lease until it expires?
Where I live was taken over by new management. In my lease it states the landlord will pay $25 of my electric bill. Does new management have to honor that contract? They are trying to make the old tenants pay now.
Asked on August 25, 2010 under Real Estate Law, Pennsylvania
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
Yes, your lease must be honored in a situation such as this; whether new magement or new ownership. A lease is a contract. If there is a provision providing for a $25 credit for electric bills, then it must be paid. Unless, the lease itself provides some sort of an out regarding this payment, this provision is binding.
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