My landlord is selling my apartment and I have questions!?

Question

My landlord is a great guy but there is a bad guy trying to buy my apartment that I do not like and have had confrontations with prior to this. This landlord is known for evicting tenants for simple things. (these are university apartments) If I had signed a lease with the other landlord and they sell, could the new (bad) landlord evict me for any reason?

Answer 1

I agree with Steve, Also, you can check with your local government about "Rent Control" which is the law that controls how much landlords can legally raise your rent. Some places don't have this although it's worth finding out.

Answer 2

A new property owner is under no obligation to honor existing leases with tenants upon transfer of the property.

I just bought a rental unit that had existing tenants. When I asked my real estate agent what happens to the tenants, he said that I had one of three choices: Either I could honor the existing lease, I could negotiate a new lease with the exiting tenant, or I could evict them. I don't have an agreement or contract with the existing tenant. So, there's nothing forcing me to continue renting to that tenant.

I also read an article in the local paper a couple weeks ago about a side effect that the foreclosure market is having on renters, particularly when the renters have a lease with a landlord, the property gets foreclosed on, and they're forced to move out. This is causing increasing hardship on renters, because they then have to go through the expense of moving out and finding a new place to live when the new owners take possession of their rental, regardless of what lease agreement they had with the previous owners.

Answer 3

No.  The new landlord has to abide by the lease until it expires.  Just be careful to adhere to the terms of the lease and you will be fine until expiration.  However, at expiration, and depending upon the language, you may find yourself looking for a new place.  Read the lease to see what your rights are after expiration.

Answer 4

First of all,as a manager,let me tell you a new owner/landlord has no obligation to a lease you signed with the previous owner/landlord and can vacate you from the property when the sale closes.I know this because when the owners bought the property where I work,they made everyone move. Leases do not pass from one owner to the next. This is legal,before people start the "well just sue them because they can't make you move" speech. They can and most do make you move and if you want to go to court,be prepared to pay the new owners court cost.