Help, the building I live in was just sold, what do I need to know?
There is a good chance nothing in your current lease will change, as in a typical scenario, the new landlord usually takes the property subject to existing leases, however, check your lease for specifics details. Does it contain provisions about the building being sold and requires an agreement with the new owner? Your new landlord may want a new lease, but in most scenarios, the landlord is bound by the language in your existing lease, so read the details.
When the property is sold, you most likely will receive notification about the transfer of the property with the specifics of who the new landlord is and how this will affect you. It should include information about who you pay your rent to, the handling of your security deposit, who to contact, especially in case of emergency. These should all be addressed to help ensure a smooth transfer. Inquire if you are not sure about who the right person is when it’s time to pay your rent!
One last note: Protect yourself and read your lease, all be it, the existing lease or the lease the new landlord wants you to sign. Remember, you can always refer to your local tenants’ rights organization or speak to an attorney.
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This article is not intended to be exhaustive or a substitute for qualified legal advice. Laws and statutes are always subject to change and may vary by county or city. You are responsible for performing your research and complying with all laws applicable to your unique situation.
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