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.
By the very nature of Avvo, you have only provided limited facts and no documentation, therefore, our response to your question is treated only as a hypothetical, and as such it is merely general in nature. You should not rely on this response in taking or forgoing action in your circumstances without discussing this matter with an attorney. If we had the opportunity to ask you sufficient questions and review relevant documents so that we were satisfied we had all of the relevant facts and circumstances, our response might differ significantly. Without the opportunity to ask you questions, and review all relevant documents and memoranda, we are simply unable to provide any form of legal advice. Our response to your question does not create any attorney-client relationship between us, and we are not acting as your attorney. We reserve the right to decline representation in any case. By answering your question, we are under no obligation to answer further questions. There are very specific deadlines for filing a lawsuit, replying to a lawsuit filed against you, or taking other action in order to preserve your legal rights. You should contact an attorney immediately in order to be fully advised of your rights, and so that you are aware of those deadlines. If you fail to act within the required time frame, you might be forever barred from asserting your rights or defending your position. The attorney answering this question is licensed in Illinois and Iowa only.
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.