We just found out our building has been sold as a result of foreclosure. We were never given any notice that the building was in foreclosure. We signed 2 year lease in July 2012, we are long term tenants, going back to 2004. Rent is paid on time. A motion for possession was filed naming the former owners (who have never lived here) and "Any other occupants who are named in the order of possession". We are not named on any of the paperwork (I just got a copy today of entire case file). Motion names former owners, their company, Unknown Owners and Non Record-Claimants. Don't we have to be specifically named and what should we do to protect our lease that does not expire until 2014
Real Estate Attorney
Except in very limited circumstances, your lease will continue with the new owner. This does not mean the new owner will be required to continue your lease after it expires, unless that is required in your lease. If anything other than that happens, you may need to contact an attorney. But my guess is, the new owner will be very happy to have good tenants like you already occupying the property.
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1 lawyer agrees
It is impossible to tell from your question whether you were served with a lawsuit. I suggest you take the papers your received and you lease to a local attorney to discuss your options.
This is not legal advice and I am not your attorney. Always consult with a licensed attorney in your state before taking any action.