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Building sold to new landlord

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Building sold to new landlord

Postby Krebstar86 » Tue Mar 05, 2013 9:52 pm

This morning, I received a letter stating that a new company had
bought my apt. building. I had no previous knowledge of this, so it
came as a surprise. I have a few concerns. Today is March 5, and
my lease was supposed to end at the end of the month. I negotiated
with my old landlord through email to go on a month to month
basis beginning in April. Will this still stand with the new landlord?
Also, when I moved in, I gave 2 months rent as a deposit. Should I
ask for that back from my old landlord or will that carry over to the
new landlord?

Finally, should I legally have received some sort of prior notice that the building was being sold?
Krebstar86
 
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Postby ronin » Wed Mar 06, 2013 1:45 am

MTM- Will this still stand with the new landlord? Yes but No... MTM means they can toss you out with 30 days notice anyway. So your MTM agreement really was meaningless from the start.

Also, when I moved in, I gave 2 months rent as a deposit. Should I
ask for that back from my old landlord or will that carry over to the
new landlord? The new LL should have it but write to demand clarification from the both of them to be safe.

Finally, should I legally have received some sort of prior notice that the building was being sold?
Why? Were you given an option to buy the building with right of first refusal? I didn't think so. No you have no right to prescreen a buyer. Particularly when anyone can give you the boot with 30-days notice as a MTM tenant... Now a tenant with a more evolved property interest may have more to say if the new LL has some negative record or something.
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Postby TenantNet » Wed Mar 06, 2013 2:00 am

And perhaps - as always - you should investigate whether or not you might be entitled to rent stabilization coverage.
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Postby Krebstar86 » Wed Mar 06, 2013 3:05 pm

thanks for the info. I understood the month the month "risk" as you might say with the original agreement, but at least then I'd have 30 days notice. I called the new place today and they said they wouldn't do MTM...so since my original lease was up April 1, that leaves me 25 days or so to find a place.

I do think though tenants should have some right of notice, at least in terms of answering the kind of questions I have placed here—how will my lease terms carry over, who gets security deposit, etc. Basically the letter I got said, "This is the new address to send rent to."

Glad I found this forum though; lots of helpful info here all around.
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Location: United States

Postby TenantNet » Wed Mar 06, 2013 6:11 pm

You could send them the rent money on April 1st. If they accept it, then you are M2M.
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