Lease Agreement / Building being sold

[Lot249]

What is the name of your state?
New York



Lease Agreement / Building being sold



A 1-year lease was recently signed for an apartment. The building is now being sold. I’m assuming the new owner is not obligated to honor the current lease agreement. If the terms of a new lease agreement (monthly cost) are not agreeable, is there a regulated timetable the tenant is afforded to find new housing?

Thank you.

 

[Just Blue]

What is the name of your state?
New York



Lease Agreement / Building being sold



A 1-year lease was recently signed for an apartment. The building is now being sold. I’m assuming the new owner is not obligated to honor the current lease agreement. If the terms of a new lease agreement (monthly cost) are not agreeable, is there a regulated timetable the tenant is afforded to find new housing?

Thank you.

You assume wrong. The lease is a contract and as such the new landlord is obligated to follow that lease.

 

[adjusterjack]

I’m assuming the new owner is not obligated to honor the current lease agreement.

Wrong there.

It's almost a guarantee that the new owner will accept and be bound by all the existing leases.

That's often how the sale of an apartment building is handled.

Besides, take a close look at your lease. Particularly toward the end. Look for a provision that says something like:

"The terms, obligations, conditions and covenants of this lease shall be binding on Tenant, the Landlord, their heirs, legal representatives and successors in interest and shall inure to the benefit of the same."

All the leases and agreements will be assigned to the new owner as part of the sale.

 

[quincy]

Although a new landlord/owner may want a new lease drawn up for you to sign, you do not have to sign anything that differs from the terms and conditions of your current lease.

You should make sure that any security deposit made to your previous landlord/owner has been transferred in full to the new landlord/owner.

 

[zddoodah]

A 1-year lease was recently signed for an apartment.

Are you the landlord? The tenant? Someone else? When was "recently"?

The building is now being sold.

Meaning...in escrow? Under contract? Offered for sale?

I’m assuming the new owner is not obligated to honor the current lease agreement.

Why are you assuming this? It's almost certainly not true, and that renders your other question moot.

 

[Lot249]

Thank you for your responses. This is the first time I'm happy about being wrong. My granddaughter signed a one-year lease this past Monday and moved in yesterday. She will be very happy to get this information. Thanks again.

 

[quincy]

Thank you for your responses. This is the first time I'm happy about being wrong. My granddaughter signed a one-year lease this past Monday and moved in yesterday. She will be very happy to get this information. Thanks again.

We all appreciate the thanks, Lot249, so thank you. I hope your granddaughter is happy in her new residence.

 

[Zigner]

You should make sure that any security deposit made to your previous landlord/owner has been transferred in full to the new landlord/owner.

New York has a law on this:

https://www.nysenate.gov/legislation/laws/GOB/7-105

In essence, the outgoing owner must turn over the security deposit to the incoming owner, or return it to the tenant, within 5 days of the sale. Failure to do so is a crime.

 

[quincy]

New York has a law on this:

https://www.nysenate.gov/legislation/laws/GOB/7-105

In essence, the outgoing owner must turn over the security deposit to the incoming owner, or return it to the tenant, within 5 days of the sale. Failure to do so is a crime.

I think it is required in most localities but not every property owner is good about complying with the law.

 

[Zigner]

I think it is required in most localities but not every property owner is good about complying with the law.

No argument there. I just wanted the OP to know that it's not just something that "should" be done, rather, it's a legal requirement.

 

[quincy]

No argument there. I just wanted the OP to know that it's not just something that "should" be done, rather, it's a legal requirement.

Good to point out.

 

[FarmerJ]

Please tell your grandchild that this is a great time to make time to learn the basics of your states landlord tenant laws and remind her to take as many pictures of the units condition and print them NOW to document things like that little ding on the edge of the kitchen counter top, that nail hole that someone before her did a crappy job trying to fill, that excessive wear on the edges of the kitchen drawers and cabinet doors. I say all this because if the new LL is less than fair with her when it comes to her deposit disposition when the time comes that she moves out then she will have a reasonable record of the units condition if she must challenge the LL in small claims court to get deposit funds held back unfairly by the LL.