Rentals in 14620>Question Details

tlock09, Renter in Lowell, MA

If a landlord sells their building in New York State does the new owner have to recognize the lease made by previous owner

Asked by tlock09, Lowell, MA Wed Apr 3, 2013

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Yes, under the legal provision of Tenants Rights.
0 votes Thank Flag Link Mon Apr 8, 2013
This can work for your benefit if obtaining a loan. It shows the rental income and can be used as income. Speak a mortgage broker for specifics on this.
0 votes Thank Flag Link Thu Apr 4, 2013
Yes all existing leases remain in effect after a sale of property.

Bill Walsh
Licensed Salesperson
bwalsh@sevenvalleyrealty.com
0 votes Thank Flag Link Wed Apr 3, 2013
Yes, the lease precedes the sale...no worries.
0 votes Thank Flag Link Wed Apr 3, 2013
All terms and conditions of existing leases are in full effect even if a property changes from one owner to another. The new owner/landlord must honor these leases unless owner/landlord and tenant mutually agree to modify terms.

Answered by:

TJ Cashette
Leverage Properties LLC
0 votes Thank Flag Link Wed Apr 3, 2013
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