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Sale/Foreclosure and fixed-term rent contract

Rights for non-regulated tenants

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Sale/Foreclosure and fixed-term rent contract

Postby firebird » Mon Mar 30, 2009 8:45 pm

Hi,
I live in a non-rent-controlled apartment in a NYC building with three or more apartments. I have a lease that states a start and end date and am happy with moving out at the end date. The end date is three to five months in the future.

Hypothetically, if the owner sells the building, do I get to stay in the apartment at the same terms for the rest of the rental period? Are there any loopholes the new owner could utilize? Are there any "traps" I should look for in the contract (which appears to be a "standard" one)?

Also hypothetically, if the building goes into foreclosure, is that any different from a normal sale?

If I have a risk of being evicted for any of these things, how much notice must I be given, given that nothing is said about this in the contract? (which does, as stated above, state the start and end date of the lease)

In the event of a termination notice I will of course contact a lawyer. However, I have no reason to suspect the owner is not keeping me informed of any sale and hence have no reason to take any action. (This is also the reason I am a bit vague about some details here - I have no wish for the owner or me to be identified in a public forum.) I ask these questions to know if this is something that I should be totally relaxed about or whether I should be curious if, for example, there are people coming to look at the building.

Thank you very much for your help. I understand that nothing stated here will be legal advice, but any directions are welcome - I have searched several official and tenants' rights websites about this and not found anything. I sleep better if I know my home is safe (as long as I pay and behave well, of course)

Regards,
Firebird
firebird
 
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Joined: Mon Mar 30, 2009 8:37 pm

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