[andreacraig]

I'm currently renting an apartment in a two flat builiding in Chicago, IL and my lease is not up until 12/1/08. I just found out that the buiding is due for auction on October 30th,2008. Does the new owner have to give me notice and if so how much notice does he/she have to give for me and my family to find another place? Thanks

[rockinmommy]

If the bank takes it back, my understanding is that voids your lease. It will vary a great deal how much time the bank will give you to be out.

If it sells at auction, it basically sells from the old owner to the new owner and they would inherit your lease and be legally obliged to honor it. Make sure you have a copy of it ready to show them.

There are MANY what-ifs with all of these foreclosures going on. Each bank does things a little differently.

[ballengerb1]

Is the property being sold at auction for back taxes or for bank foreclosure, makes a big difference. FGoreclosure ends your lease but a tax sale keeps the lease running until 12/1/08

[Fr_Chuck]

Sorry to disagree but if the property sells at a foreclosure auction, then all leases are void.

The time frame ranges from a few days to 30 days depending on where. But then if you don't move with notice, they file an eviction, you go to court and ask for more time.

But if this is an apartment, most likely who ever buys it, will want to have renters.