If one has signed a year-long lease agreement but the building has been sold, when must they vacate?

Asked by Trulia New York, New York Tue Feb 5, 2013

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4
Jacques Ambr…, Agent, Forest Hills, NY
Tue Feb 5, 2013
BEST ANSWER
Ususally if a tenant has a lease then the lease should survive the current owner and be transferred to the new owner. If the new owner is taking posession with the intention of residing in the premesis then the tenant(s) must be served notice, and could result in court action. I strongly suggest speaking with an attorney in these situations
1 vote
Damoun Yashar, Agent, Rutherford, NJ
Thu Feb 7, 2013
Never - the new owner is obligated by law to uphold your lease. NYC is one of the most pro-tenant cities in the US.


Damoun Baruch Yashar
CEO | Licensed NY Real Estate Agent

New York Real Estate Group
1115 Broadway Ave, 11th Fl
New York, NY 10010

646.389.2437 (direct)
646.393.4386 (office)

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0 votes
Michael Rich…, , New York, NY
Thu Feb 7, 2013
In New York State at least, real property is sold subject to any current leases unless other arrangements have been made as part of the transaction. Therefore, tenants remain in place until the end of their lease term.

Michael Richman
Licensed Real Estate Associate Broker
KIAN Realty
450 7th Avenue Suite 1501
New York, NY 10123
212-757-8268 x220
917-991-2528
mrichman@kianrealtynyc.com
http://www.kianrealtynyc.com
0 votes
Raanan Laufer, Agent, New York, NY
Tue Feb 5, 2013
The new owner is obligated to all existing leases. If the apartment is not rent stabilized than he is not obligated to renew the lease but as long as the lease has not expired you may stay in the apartment.
0 votes
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