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    Marie729's Avatar
    Marie729 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Nov 14, 2006, 10:25 AM
    The Change
    I wanted to know if someone could inform me on the laws the pertain to changing ownership of residencial leasing property. Is is not a requirement to inform the current tenants of the change? If tenant are no informed are they legally bond to that agreement, although they didn't sign agreement with the new management company? Please advise... I am researching this now. They have not treated the current tenant properly since they took over.
    RickJ's Avatar
    RickJ Posts: 7,762, Reputation: 864
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    #2

    Nov 14, 2006, 10:32 AM
    Both the new landlord and the current tenant are required to abide by the original Lease terms.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Nov 14, 2006, 12:03 PM
    I don't think there is any requirement that the tenant be informed of a change in ownership. Of course, they should be informed if there is a change in a) where rental payments are sent and, b) who they contact for maintenance. But if, for example, the property was previously managed by a property manager and the new owner continued to use the same manager, then there would be no need for the tenant to be informed. On the flip side, the tenant would have a right to that info, IF there is a dispute with the manager.

    Any lease inforce at the time of sale, needs to be honored by both the tenant and the new landlord.
    Cvillecpm's Avatar
    Cvillecpm Posts: 553, Reputation: 28
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    #4

    Nov 15, 2006, 07:04 AM
    Quote Originally Posted by Marie729
    I wanted to know if someone could inform me on the laws the pertain to changing ownership of residencial leasing property. Is is not a requirement to inform the current tenants of the change? If tenant are no informed are they legally bond to that agreement, although they didn't sign agreement with the new management company? Please advise...I am researching this now. They have not treated the current tenant properly since they took over.
    YES - usually the old and new owners write notification letters that are sent in one envelope to the residents.
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