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    rattinger's Avatar
    rattinger Posts: 1, Reputation: 1
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    #1

    Mar 29, 2008, 08:01 AM
    Lease termination due to property sale
    I manage multiple single family homes in Indiana. We were purchasing homes from an investor on Land Contract. Due to the economy, we chose, mutually, to terminate that Land Contract. The investor has moved said properties to a new management company.

    The investor now wants to terminate a lease with a resident on Section 8. According to the lease terms the rent agreed to in the contract is less than he wants for the home. He now is considering terminating the lease contract because of this.

    Is this something that he can legally due or does he have to honor the contract that was signed with the resident?

    Thank you
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Mar 29, 2008, 08:04 AM
    He can not terminate the lease if a valid agent of his made a valid lease.
    The party that is leasing would have to agree and/or be bought out of the lease
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