Home Buying in Costa Mesa>Question Details

Cannonman, Home Owner in Costa Mesa, CA

If a home is being leased and is sold does the new owner have to abide by the lease term utill lit is up?

Asked by Cannonman, Costa Mesa, CA Fri Jan 20, 2012

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If the tenant and the outgoing owner have a written lease, the new owner USUALLY has to abide with the terms of the lease. There are a few exceptions, primarily if the outgoing owner is being foreclosed out of the property.

Even then, the new owner has to give at least 60 days notice - I think - before he can get the tenant to move out - UNLESS - the original lease might have ended, before then. It can get a little complicated, but usually, a tenant with a written lease is protected.

Of course, things are always open to re-negotiation.
Web Reference: http://SouthOC.info
1 vote Thank Flag Link Fri Jan 20, 2012
Here is a statement from a CAR Q & A: "REO’s are required to give a tenant a 90 day notice to evict/terminate the lease if Buyer intends to occupy. Investors must keep the lease term until lease contract ends."
Web Reference: http://SouthOC.info
0 votes Thank Flag Link Sun Jan 22, 2012
Even a Foreclosue does not negate the Lease;
The Tenant Rights Act of 2009 says so.

Good luck and may God bless
0 votes Thank Flag Link Fri Jan 20, 2012
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