I purchased a Foreclosed Rental Property in NYC - do I have to deal with the prior owner's contracts

Asked by robinpace, New York, NY Tue Jul 8, 2014

The prior owner (who was foreclosed on) had a lease agreement with a laundry company to furnish the laundry room with equipment - there's still 6 years remaining on that 10-year lease (which has a provision for assignment). Since the former owner was foreclosed on, am I bound by a Lease entered into by them years before I purchased the property?

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Dan Tabit, Agent, Issaquah, WA
Tue Jul 8, 2014
Robin,
Great questions for an attorney. Foreclosure laws vary in different states and what one agent may have heard, may not be reliable. Please, in a situation like this get the most up to date answer from the most reliable source, a local attorney who practices commercial and residential real estate. You can't afford to get this wrong.
1 vote
Thank you for your quick response - I'm in the process of finding representation now but was hoping there was an "easy answer".
Flag Wed Jul 9, 2014
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