Tracy,
That should be spelled out in the lease. I've sold a number of properties that had tenants...each of them were sold "subject to tenant's rights" so the new owner had to abide by the terms of the original lease (amount of rent, term of lease, etc.) If no lease is in place, best to contact a local real estate attorney for specific guidance.

Best practice would be to talk to the landlord and see if you have to move and what the guidelines are. Its possible that the home might of been sold for investment purposes and you'll just have a new landlord.

If you are living on a month to month lease then I believe the landlord must inform you 30 days prior that you must vacate the property. So if you pay rent on the 1st of the month, the landlord must inform you on or before the first.

There is a clause in Chicago that you may be entitled to 60 day notice, but an attorney would be the best person to contact.

Tracy,

Depending on how the property is used when sold, the tenant may not have to move. The tenants could stay in the home, and if you wanted to evict them (or the new owner), they would have to follow the state law. Use this link to see what laws you can enforce as a landlord, and I would recommend speaking with a property management company in your area, and an attorney for more details.

Useful link: http://www.rentalprop.com/ltlaws.htm

If you have any other questions, feel free to ask!

Denton Ward
Nationwide Real Estate Investments
http://www.nwrei.net