our landlords just sold our aprtment to new owners. Although it has been a horrible experience with the owners, we also have another issue. we are having major financial problems because our room mate isnt holding his end of the bargain like he said. he has given us 400 dollars in the last 5 months...he told us he would pay 500 a month. we moved here with him because we could afford the part of the rent that we payed, if he payed 500. (he is a co-leaser.) we are struggling. what i wanted to ask was, do we sign a new lease with the new owners, or does the current lease just transfer with the new owners? Dont we have to sign a new lease with a new owner because our lease agreement was not with them, but with our previous landlord?
Also, I am pretty sure that they knew they were going to sell the apartment when we first looked at it. They didnt tell us. They bought it (had it a few months because they said they just bought it when we looked at it.), flipped it, and was planning to sell it. The selling process was horrible for us. we just wanted a peaceful apartment. instead, we got an open house listing on the internet. we had people lining up at the door most days. We said not to use a lock box and the agents would come trying to open the door, while in was here, without even knocking first! what if I didnt have clothing on?? It was just miserable.
General Practice Lawyer
When a building is sold, the new owner of the building takes it subject to any previous lease, so no, you don't have to sign a new lease. You might want to however, to assure your security deposit has been properly credited, or if you get better terms, or even equal terms as it may well extend the lease period. That assumes that you want the lease to stay in effect, something that seems doubtful here given the financial constraints that are facing you and your roommates.
A proper response would require a thorough investigation into the history and background of this relationship. The information provided above is just that, information, to be used as you see fit.
Intellectual Property Law Attorney
While I cannot giv e you legal advice in this forum, as a general matter you do not need to sign a new lease simply because the building is sold. You can stay there to the end of your tenancy under the existing lease. However, you should review your lease carefully to make sure there is no provision to the contrary.
THIS RESPONSE IS INTENDED TO CONVEY GENERAL INFORMATION ONLY. IT SHOULD NOT BE RELIED UPON OR TAKEN AS LEGAL ADVICE. FURTHER, THIS RESPONSE IS NOT INTENDED TO AND DOES NOT CREATE AN ATTORNEY-CLIENT RELATIONSHIP.