Tenants Rights When Owner Sells?
I think this is a basic question…what are the rights of a non-rent stabilized, non-rent controlled, open market tenant to stay in a rental with a valid lease with time left in term? Must the buyer accept the lease (if the seller does not terminate) or buy out the tenant? Thanks.
I think this is a basic question…what are the rights of a non-rent stabilized, non-rent controlled, open market tenant to stay in a rental with a valid lease with time left in term? Must the buyer accept the lease (if the seller does not terminate) or buy out the tenant? Thanks.
What some owners do, if the building doesn’t sell before the leases are up, is put the tenants on month-to-month leases. That allows the seller and/or buyer to give 30 days to the tenant.
Other than that, it’s like the others have said. Check your lease but basically it’s honored to the end, and the new owner is under no obligation to offer a renewal.
Thanks to all.
Unless you have a termination clause, all terms remain the same until the lease expires.
Read your lease.
It depends on what your lease says, and on the intentions of the new owners. The boilerplate lease I’ve seen gives the owner the right to terminate the lease upon the sale of the building, with a 30 day notice. That said, the new owner might decide to honor your lease.
Lease is valid.