Posted on: 27th Feb, 2013 12:30 am
I rent a condo. The owner of the condo just listed the place for sale. Property management is checking with me on times that will be good to show as someone is already wanting to see it less than a week after it was listed. Should I consult a lawyer about my rights as a lease holder? I want to be cooperative but am worried to protect my property and myself. Any advice is appreciated.
Hi Guest,
Well, you should check your lease to see if it says anything about the condo being sold before the lease expires. There must be a paragraph titled - . If you signed on the dotted lines over there, then you do anything.
Thanks,
Jerry
Well, you should check your lease to see if it says anything about the condo being sold before the lease expires. There must be a paragraph titled - . If you signed on the dotted lines over there, then you do anything.
Thanks,
Jerry
You have no rights as a leaseholder. If the owner sells, the new owner can accept or deny your lease.
Here's how it works. When a property interest is transferred, all property interests higher than the one being transferred are transferred, but any property interests lower are not. What do I mean by higher/lower. The more that is owned, the higher the interest. For example, a fee owner, the "owner" of the property, has a higher interest than a lease holder, who only rents. Therefore, when the fee interest is transferred, the lease drops off. An exception is where the new owner, or higher interest holder, "assumes" the lower interest. For instance, the new owner assumes the lease.
Here's how it works. When a property interest is transferred, all property interests higher than the one being transferred are transferred, but any property interests lower are not. What do I mean by higher/lower. The more that is owned, the higher the interest. For example, a fee owner, the "owner" of the property, has a higher interest than a lease holder, who only rents. Therefore, when the fee interest is transferred, the lease drops off. An exception is where the new owner, or higher interest holder, "assumes" the lower interest. For instance, the new owner assumes the lease.