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Landlord Selling Property

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Landlord Selling Property

Postby mrant » Thu Aug 26, 2010 4:17 pm

I recently moved into an apartment in Troy, NY and I heard a rumor from other tenants that the landlord is looking to sell the building. In addition to the rumors, a Prudential representative showed up unannounced to do a walkthrough of my unit and the rest of the building.

I have only been living here for less than two months, and I start school very soon, so do not want to move.

What kind of rights, if any, do I have if the landlord does sell? Would my lease be void after the transaction goes through? Or would the lease automatically transfer to the new owner?

If the lease does terminate, do have any recourse? Am I entitled to any reasonable time period to locate a new place?

Any information regarding this would be much appreciated. Any references to a location where I can find this information would also be very helpful.

Thanks
mrant
 
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Postby ronin » Fri Aug 27, 2010 2:03 am

Generally speaking your lease would transfer to the new owner. This is why most buyers want the building cleared before purchase. However, look through your lease and see if there is a clause about selling the building. Some leases specifically allow the LL to evict you if he is selling the building.

In the current market the new LL may WANT the old tenants to help defray the costs of the building. Either way, you should get some sort of notice.

The biggest concern that usually arises is when the old LL absconds with the rent deposit. Make it clear that your rent deposit transfer is the new LL's duty to get from the old one (before the old LL takes off somewhere).
ronin
 
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