What are a tenant’s rights if a foreclosure situation?
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What are a tenant’s rights if a foreclosure situation?
I am in the process of renting a home. The owner of the home only has a deed, purchasing through bankruptcy court. He is still negotiating with the bank to sell the title, so there is no guarantee this person will have the title and the bank may take possession of the home. If I decide to rent the home, I would like to know what my rights are? Will I be allowed to fulfill my lease term 12 months under the
Asked on February 25, 2016 under Real Estate Law, Florida
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
No, the current Tenant Protection Act in your state only requires the new owner after foreclosure (e.g. the bank, or whomever buys the home at a foreclosure sale or auction) to give tenants 30 days notice to move--you'll get a month, but not the balance of our lease term. There is no law or legal requirement that the new owner or bank pay you any compensation for the loss of your tenancy, though you are free to try to negotiate this.
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