Rental property sold to new landlord who wants a new lease signed.
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Rental property sold to new landlord who wants a new lease signed.
The home that I’ve been renting for almost 3 years was recently sold. The lease
from the prior owner was for the first year and then month to month after that.
The new owner is trying to compell us to sign a new lease. Can the new lease be
required?
Asked on April 8, 2019 under Real Estate Law, North Carolina
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
No, a new landlord buys a property "subject to" any existing leases. This means that they step into the shoes of the original landlord and are bound by the terms of the lease. The only exception would be if your original lease allowed for its termination upon the sale of the property.
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
No, a new landlord buys a property "subject to" any existing leases. This means that they step into the shoes of the original landlord and are bound by the terms of the lease. The only exception would be if your original lease allowed for its termination upon the sale of the property.
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