|Real Estate Information|
Landlording And Other Aggravations
Here's the gripping story...
You are the landlord of a small apartment building that you are offering for sale. You find a buyer and a sale is arranged.
The tenants learn of the sale and ask if theywill be forced to move. How do you answer?
You explain that it depends upon the leaseagreement. If the tenant signed a leasethey have the right to remain in the unitat least until the end of the lease... longerif the new owner agrees.
In many cases the tenant signed a lease andremained after the lease term ended. At thatpoint their occupancy became a month to month tenancy.
A month to month tenancy can be terminatedmerely with the landlord giving notice to thetenant. The length of the notice may begoverned by state law, but a 30-day notice iscustomary.
In another situation the tenants learned that the apartment owner was in default on his monthly mortgage payments and the lender had begun aforeclosure action.
All the tenants had time remaining on their apartment leases and they had no intention of moving.
Bad news for the tenants... real property foreclosure law states that junior liens and leases are extinguished by a foreclosure.
This means tenant leases do not have to be honored by whomever buys the property at the foreclosure auction.
The tenants will receive due process by receiving a notice to vacate and if they don't move they will face an evicton lawsuit.
About The Author
Mark Walters is a real estate investor and author. His published works can be found at his web site: http://www.CashFlowInstitute.com
could not open XML input