It depends on the terms of purchase and the agreement your father had with the first business. Before agreeing to sign a new agreement and may more money, talk with a business or elder law attorney about the situation. Best wishes.
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If the new owners were assigned the contracts of the former owner, they are required to honor the contracts as written for the remainder of the time the contract is in effect. Most contracts will have some provision regarding assignment, and may have other provisions regarding fees and charges. You should promptly take your father's contract to a lawyer for a review. Michael J. Howell on Hilton Head (785-7590) is certified by the South Carolina Supreme Court as a specialist in Estate Planning and Probate law, and he can help you or refer you to someone who can. You can review his credentials on Avvo.
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This response does not create an attorney client relationship, and is for general information purposes only. You should promptly contact an attorney in your area to ascertain your legal rights.
You've been given the answer that you need and the only positive answer that anyone here could provide: You need a lawyer to review all of the circumstances, and until then, all anyone could say is "it depends."
Hypothetically, the new buyer may have bought the actual business entity that used to run the home, maybe a corporation or limited liability company, and your father's contract was with the original business entity. If that's the case, then the contract should still be in force with that original entity, which still is in existence. Only its ownership has changed. But maybe the new buyer purchased just some assets that the original business entity owned, including the facility, and then it could be hard or impossible to hold the new buyer to the contract (unless the assets that were purchased included the contract itself). Your father then may still have a theoretical right to sue the original entity -- if it's still in existence, and if its assets haven't all been dissipated -- but as a practical matter, there may be very little time to try.
I say this only on general principles and not on SC law (where I'm not licensed). There are other possibilities including possible violations of consumer protection laws, and it seems at least within the realm of the possible that your father (and also other residents?) has been the victim of an unfair business practice or even fraud. I wonder if a driving purpose of the sale was to drive up the rates that all the residents are paying. But this is just guessing.
See an attorney.