What is the name of your state (only U.S. law)? Washington State
I accepted an offer on my condo and the closing date has been scheduled. This happened soon after I signed a lease agreement with my tenant. As I understand it, the lease will automatically transfer to the new owners upon transfer of title. The new owners were looking to buy a rental unit and have agreed to keep the renter and take responsibility of the lease agreement. This is all noted on the purchase/sale agreement.
Is there anything else I should do on my end to keep myself protected in case something happens between the new owners and tenant? Could I still be held responsible for anything even after the new owners are given the title/ownership of home?
An attorney mentioned that I would still need to hire him to draw up an assignment and assumption and release by tenant so that I won't be held liable even after the transfer of title to the new owners.
Is this something that I would absolutely have to do and spend money on?
Any advice would be appreciated. Thank you!What is the name of your state (only U.S. law)?
I accepted an offer on my condo and the closing date has been scheduled. This happened soon after I signed a lease agreement with my tenant. As I understand it, the lease will automatically transfer to the new owners upon transfer of title. The new owners were looking to buy a rental unit and have agreed to keep the renter and take responsibility of the lease agreement. This is all noted on the purchase/sale agreement.
Is there anything else I should do on my end to keep myself protected in case something happens between the new owners and tenant? Could I still be held responsible for anything even after the new owners are given the title/ownership of home?
An attorney mentioned that I would still need to hire him to draw up an assignment and assumption and release by tenant so that I won't be held liable even after the transfer of title to the new owners.
Is this something that I would absolutely have to do and spend money on?
Any advice would be appreciated. Thank you!What is the name of your state (only U.S. law)?