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Justasking, Other/Just Looking in San Bernardino, CA

If the owner of an income property sells it and the tenant's lease is still in affect, can the tenant remain in the property until the lease is

Asked by Justasking, San Bernardino, CA Fri Feb 4, 2011

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The California Landlord Tennant Law will have the answer you are looking for. I've attached a link, check out page 48. If you still have questions, it might be time to talk to an attorney.
1 vote Thank Flag Link Fri Feb 4, 2011
The tenants lease is still in effect after the close of escrow. Also, the deposits, and pre-paid rents also transfers to the new owner. You may want to discuss this with a real estate attorney just to be sure.
0 votes Thank Flag Link Mon Feb 7, 2011
Hello:

The tenant lease needs to be honored until its full term of the contract unless you have negotiated with the renter to a new term that is mutually acceptable and agreed upon.
0 votes Thank Flag Link Sun Feb 6, 2011
The lease runs with the property. The new owner needs to honor the tenants lease. If you want the tenant to move, you can offer him/her money to break their lease or some incentive.

Lori Matson
Keller Williams
310-994-5894
0 votes Thank Flag Link Sat Feb 5, 2011
Well the best source to get your question answered is from a real estate attorney. But normally, the new owner must respect current tenant lease rights and perhaps rewrite a new one with new owner's information. Also, If you are the tenant, you may want to consult your local government tenant's rights protection office for more accurate information.

Best wishes.
0 votes Thank Flag Link Sat Feb 5, 2011
Depends on local rental laws for the specific area as well as the lease terms. There are many leases out there from California Dept of Real Estate leases to leases drawn up by an attorney or even leases from places like Kinkos. Check with a local real estate attorney. Good luck.
0 votes Thank Flag Link Sat Feb 5, 2011
Often yes but It will depend on the specific lease contract and local law. If the purchaser is operating it as income property they will be happy to keep a good tenant.
0 votes Thank Flag Link Sat Feb 5, 2011
Consult with an attorney and they would review your specific lease. I have an attorney in my staff that helps my clients with this.... but generally speaking "Occupancy" is one right and "Ownership of title" is another right... you can have both together or one without another.

It depends how your list was written, because every contract is different, but you could easily have the right to continue your lease until it expires, provided that you continue to perform your side of the contract (pay on time, etc).

Additionally there are rent control rules that govern even month to month leases. under a recent resolution the City Council of Los Angeles voted to include all single family residences under rent control rules, if they are foreclosed by a bank... many cities across the country are doing this...

If you do not have the resources to consult with an attorney, call your City's Department of Housing, they should be able to guide you or do a web-search for your local "Legal Aid" and they should be able to provide you with guidance.

You have rights, and you should make sure you understand them so you know they are being respected.

Best of luck!

Ron Escobar, MBA
Broker & General Contractor
Web Reference: http://shortsalecentral.org
0 votes Thank Flag Link Sat Feb 5, 2011
All is governed based on the executed lease agreement No one can render an opinion UNLESS all documents are reviewed.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Sat Feb 5, 2011
Yes, if the lease is for a specific period of time then the tenant may remain in the property until the lease expires. If the tenant is on a month-to-month lease the lease can be terminated with sufficient notice, typically 60 days or whatever period is written in the lease.
0 votes Thank Flag Link Sat Feb 5, 2011
Nothing about a sale would void the lease, unless of course you are a bank.
0 votes Thank Flag Link Sat Feb 5, 2011
I'm not a lawyer, so this isn't legal advice. However . . .

The lease remains in effect.

One variation: The lease might contain a provision saying that if the property is sold, then the lease is terminated. That's rare, but it can happen. So in that case, the lease provision regarding termination is valid.

And that issue can be negotiated. Even in the case of a valid lease, the owner can offer to "buy out" the remaining term of the lease. If the tenant agrees to the terms, then the lease can end.

Hope that helps.
0 votes Thank Flag Link Sat Feb 5, 2011
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
Hi Justasking,

Yes, unless specified and agreed upon during the sale in escrow. However, it is determined by the nature of the lease and local rent control laws or not so I would ask an attorney. I can refer you to one if you like. Just send me and email or feel free to call or text me.

Thanks,
Andrew Demirchyan
Realtor
Keller Williams Realty International
Hollywood Hills
8560 W. Sunset Blvd, 3rd Floor
West Hollywood, CA 90069
P: (818) 919-2018
F: (818) 505-8558
andrewsellsla@gmail.com
DRE License #01816257
0 votes Thank Flag Link Fri Feb 4, 2011
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