Foreclosure in Scottsdale>Question Details

111842f, Renter in Scottsdale, AZ

if you rent a retail space and there is a trustee saleon the property does your lease become void ? is is void if a reciever is in place?

Asked by 111842f, Scottsdale, AZ Tue Jan 25, 2011

I rent a retail space and there was a trustee sale . Due to the economy i havebeen trying to get a rent reduction and the magmnt co is telling me i not only can not use ;my deposit towards my rent (which i am sure i will loose) but i must perform and pay my rent in accordance with my lease which i thought was terminated when the porperty went to trustee sale .Do I have a lease? Am I able to use my deposit?What are my rights?

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111842f the lease runs with the land not with the owner. Upon purchase the new owner and you are still held to the terms of the lease. That is why when someone purchases investment property they send the seller an estopel letter. This stops them from making a lease after the offer comes in at very favorable rates and terms to a tenant that the new owner would have to honor.
0 votes Thank Flag Link Wed Jan 26, 2011
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