I’ve been looking for apartments this past week and I found a great legal basement apartment in New York in a multiple family home. The home currently has 2 other tenants in it. After I saw the apartment, I decided to google the address to see what comes up and I saw that the entire house was for sale. If the owner sells his house to new owners while I’m renting this apartment unit, does this mean that I am automatically evicted from this unit? If anyone has any answers for this, I’d appreciate it. I’d want to know before I decided to take this apartment.
Sell and Rent Back
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In New York state (and probably most places), leases that are in effect when a property changes hands remain in effect. The new owner must honor all lease terms and is legally obligated to deal with security deposits, last month’s rent, etc. that you paid to the previous owner. You cannot be evicted just because the new owner has other plans, or would prefer other tenants.
Whew, huh?
just have them write something in your lease to the effect of - in the event the house is sold the lease will be extended for another year.
Although a lease may stay in effect, most leases are written to favor the landlord; the tenant is usually “at will”. While abrupt eviction is unlikely, what amount of time is there for termination of the contract by the landlord?
That said, if the property is sold for its rental value, a tenant could be a positive asset to the sale.