Landlord owner dispute cought in middle.

[frantic84]

NEVADA, So here goes, My family and I are tennants renting a condo, with a signed lease good through June/July 2020 with first option to buy at end of lease. The issue we are having is the landlord is having a despute over ownership with the previous owners family (property is currently under probate) and the previous owners family contacted us claiming they have been granted ownership and that they want to sell ass soon as possible.
What I'm asking I guess is what protections do we have as to the validity of the lease and option to buy?
Some further details the landlord actually helped the other family start the probate process paid off the HOA that was in arrears and cleaned repaired and remodeled the unit.

 

[LdiJ]

NEVADA, So here goes, My family and I are tennants renting a condo, with a signed lease good through June/July 2020 with first option to buy at end of lease. The issue we are having is the landlord is having a despute over ownership with the previous owners family (property is currently under probate) and the previous owners family contacted us claiming they have been granted ownership and that they want to sell ass soon as possible.
What I'm asking I guess is what protections do we have as to the validity of the lease and option to buy?
Some further details the landlord actually helped the other family start the probate process paid off the HOA that was in arrears and cleaned repaired and remodeled the unit.

Well, at a minimum they need to prove to you that the court awarded them the house, because it sounds to me like its still in dispute. They would prove that to you by showing you that it has been deeded into their name. (you need to know who to pay rent to anyway, but in the meantime you keep paying your current landlord). Then, you probably want a consult with a local real estate attorney. Normally when ownership changes the new owner inherits the lease and has to honor it. I am unsure how it would work if the landlord never owned the property.

One other option would be (once they prove they own the property) is to exercise the option to buy and offer to buy it now. If they want to sell in a hurry they might be happy to have an immediate buyer.

 

[adjusterjack]

What I'm asking I guess is what protections do we have as to the validity of the lease and option to buy?

You continue to pay rent to whoever is on the lease with you until you see a recorded deed with somebody else's name on it or a court order instructing you to pay somebody else. Pay by check and keep copies of the check.

As for your option to buy, are you prepared to exercise that option with cash or have a loan already approved?

 

[frantic84]

Well, at a minimum they need to prove to you that the court awarded them the house, because it sounds to me like its still in dispute. They would prove that to you by showing you that it has been deeded into their name. (you need to know who to pay rent to anyway, but in the meantime you keep paying your current landlord). Then, you probably want a consult with a local real estate attorney. Normally when ownership changes the new owner inherits the lease and has to honor it. I am unsure how it would work if the landlord never owned the property.

Ok so from the sounds of it my lease is still valid the ownership dispute is realy not my problem.
from what I understand the landlord assumed the debt and took it off their hands and paid them some money as well, and started the probate for all the name changes but some of the the other family wanted nothing to do with it so things got delayed and the one intersted family member seems to feel cheeted, according to my landlord the family member was made Administrator of the estate recently but thats about all I know.

You continue to pay rent to whoever is on the lease with you until you see a recorded deed with somebody else's name on it or a court order instructing you to pay somebody else. Pay by check and keep copies of the check.
As for your option to buy, are you prepared to exercise that option with cash or have a loan already approved?

Still working on the financing portion to buy the property, hopefully I Can at least be prepaired to make a reasonable offer by the end of the lease.
my bigist concern was the family trying to short my lease and boot my family out, but it sounds as though I would covered through the date of lease agreement and at the very least this gives me time to plan accordingly.

thank you both for pointing me in the right direction.

 

[adjusterjack]

Still working on the financing portion to buy the property, hopefully I Can at least be prepaired to make a reasonable offer by the end of the lease.

You don't have the price locked in by the option contract?

Are you sure it's an option contract and not something else?

 

[LdiJ]

Ok so from the sounds of it my lease is still valid the ownership dispute is realy not my problem.
from what I understand the landlord assumed the debt and took it off their hands and paid them some money as well, and started the probate for all the name changes but some of the the other family wanted nothing to do with it so things got delayed and the one intersted family member seems to feel cheeted, according to my landlord the family member was made Administrator of the estate recently but thats about all I know.



Still working on the financing portion to buy the property, hopefully I Can at least be prepaired to make a reasonable offer by the end of the lease.
my bigist concern was the family trying to short my lease and boot my family out, but it sounds as though I would covered through the date of lease agreement and at the very least this gives me time to plan accordingly.

thank you both for pointing me in the right direction.

You still need that consult with a real estate attorney before you assume anything.

 

[FarmerJ]

One way that you can check for changes in ownership would be to check your county property tax pages or to call and find out by address look up if property tax payer information has changed .

 

[frantic84]

One way that you can check for changes in ownership would be to check your county property tax pages or to call and find out by address look up if property tax payer information has changed .

According to my counties website the property is still in the decedent's name ...

 

[frantic84]

You still need that consult with a real estate attorney before you assume anything.

Not sure where you see me assuming anything, I did however thank you for pointing me in the right direction i.e. real estate lawyer....

 

[frantic84]

You don't have the price locked in by the option contract?

Are you sure it's an option contract and not something else?

No no price listed in the agreement just that we have first option..