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    SARACHRIS's Avatar
    SARACHRIS Posts: 4, Reputation: 1
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    #1

    Apr 14, 2008, 01:16 PM
    Should we sign another lease with property being sold
    Our landlord wants us to sign another lease even though they are trying to sell the property. Is this lease binding, if the new owners use the property as an investment
    Donna Miller's Avatar
    Donna Miller Posts: 9, Reputation: 2
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    #2

    Apr 14, 2008, 09:00 PM
    The new owner is bound by the terms of existing valid leases. If a landlord conveys leased Real Estate, the new landlord takes the property subject to the rights of the tenants. MAKE SURE that when the new lease is drawn up, it stipulates a total period... EX: term of 2 years, beginning 5/1/2008 to 5/1/2010. It MUST have a beginning date AND an ending date. Make sure you see all of this, so your rights as a tenant will be secure. Also, if there was a security deposit that you initially provided to your current landlord, make sure that you see paperwork stating they have passed this on to the NEW landlord. You don't want this to be a problem once your lease has ended... and you are out of the $$$.
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