If you rent (& you are under a lease) -and then the property is is bought, are you still bound to a lease?

Question

*Before my roommate and I were evicted from our apartment, the company that owned the complex was bought out. We had signed a lease when we moved in. However, the new company sent out a new leasing contract, which we never signed. Does that mean we technically were not under a lease? And hence able to deny owning the new company money?

Answer 1

Sorry, but your obligation to the original landlord continues with the new landlord.  Your lease explains this -- note the language "heirs & assigns" where the landlord is identified.

The new landlord is NOT entitled to a new lease unless you agree to it.  The old lease continues in full force and effect through its expiration date and both you and the new landlord are fully liable for all of the terms of the lease.

Answer 2

I am going to say YES!  You are still under the original lease.  They have to abide by the original until the formal lease date expires (six month and/or yearly).  This happened to me once where a company bought the duplex we were living in.  When this happened, it was close to my leasing being up.  They still kicked us out, but not at eviction level.

Answer 3

Actually when the new company bought the property they also bought the leases that were active at the time of the sale, kind of like when you buy a company and also purchase the name and the inventory. You happen to be there inventory.

So, they probably sent you a new lease to sign as a courtesy to you, so you can have proof of where you live, via a new lease.

Do you still owe them... of course you do.

If someone bought the financial contract on your car you would still owe for the car, even if it gets repossessed.

Answer 4

you need to see a lawyer. Many will meet with you for $50-$100 and advise you after readin the original and new contracts. Probably worth it depending on how much the company is trying to get out of you. Letting it go could just cost more money and a lot of trouble down the road.