I live in illinois, if the building i live in gets sold, do i have the right to move before my lease ends?

Question

I live in illinois, if the building i live in gets sold, do i have the right to move before my lease ends?

Answer 1

No.  Your lease will transfer to the next owner, and you are expected to honor that lease as if nothing changed.  The new owner will do the same.

Answer 2

No...your lease is assumable by the new owner.

Answer 3

No, the lease remains in effect and the new owner must honor it in totality. However, many new owners would be hapy to release you so be sure to ask.

Answer 4

it is up to you if you want to break your lease and pay the penalties.  There are no legal grounds to get out of your lease just because the building has sold.

As others have said - you are still locked into your lease and the new owner must honor it.

Answer 5

When a rental property is sold, the new owner has the option of assuming any leases the tenants have with the previous owner, or rejecting any or all of them. The lease was an agreement with the old owner. Since the new owner didn't establish the lease agreements with the existing tenants, he is under no obligation to honor any of the existing leases.

However, in an apartment building, it may be beneficial for the new owner to assume the existing leases. Otherwise, he has the added cost of lost rents, marketing for new tenants, renovations, etc. Unless he plans to renovate all the units and charge a lot more for rents.

Answer 6

I am a landlord in Illinois, and have bought and sold many units. One was 75 room dorm, and all leases were honored, except some that were written after the date of agreement on the sales contract. A few were given sweet heart deals for half price for multi year leases, and thought i would agree to them.. These people were asked to either sign a proper lease or move. They all resigned a legit lease..  

I could have filed fraud charges for those leases, but did not.. I also let a few move that wanted out of their lease.. Glad to be rid of people that did not want to be there.

In all cases i honored all leases that were legit, and offered a time to renew their lease to match the old one (30 days) and held price for one semester for current renters.

I have also bought places with part of my offer for the present tenant move prio to my closing. One had a couple of pit bulls and the house was really dirty.)

Answer 7

well that happend to me and they gave me the right to stay or leave i guess it depends on the new owners :) good luck

Answer 8

Most sellers use current occupancy as a selling point, so it might not be that easy.  You can try and have the current owner release you  prior to the sale, or you can talk to the new owner.  Other than that, unless the new owner attempts to modify the terms of the lease, you are obligated to fulfill the original agreement.