Landlording And Other Aggravations

Here's the gripping story...

You are the landlord of a small apartment building that you are offering for sale. You find a buyer and a sale is arranged.

The tenants learn of the sale and ask if theywill be forced to move. How do you answer?

You explain that it depends upon the leaseagreement. If the tenant signed a leasethey have the right to remain in the unitat least until the end of the lease... longerif the new owner agrees.

In many cases the tenant signed a lease andremained after the lease term ended. At thatpoint their occupancy became a month to month tenancy.

A month to month tenancy can be terminatedmerely with the landlord giving notice to thetenant. The length of the notice may begoverned by state law, but a 30-day notice iscustomary.

In another situation the tenants learned that the apartment owner was in default on his monthly mortgage payments and the lender had begun aforeclosure action.

All the tenants had time remaining on their apartment leases and they had no intention of moving.

Bad news for the tenants... real property foreclosure law states that junior liens and leases are extinguished by a foreclosure.

This means tenant leases do not have to be honored by whomever buys the property at the foreclosure auction.

The tenants will receive due process by receiving a notice to vacate and if they don't move they will face an evicton lawsuit.

About The Author

Mark Walters is a real estate investor and author. His published works can be found at his web site: http://www.CashFlowInstitute.com

MORE RESOURCES:

ERA Pacesetter closes real estate business - Bizjournals.com

Learn to Profit from Real Estate - Even in Tough Markets - MarketWatch

Tokyo Replaces Shanghai as Best Asian City to Buy Real Estate - Bloomberg

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Nokomis Real Estate Ventures LLC files bankruptcy petition - Bizjournals.com

Neuberger Berman Real Estate Securities Income Fund Inc. Announces ... - MarketWatch

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UPDATE 2-Sibir market value halves on real estate buy - Forbes

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Whitehall Funds Lose Their Luster - Wall Street Journal

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Freedom Interactive Launches New Real Estate Vertical - Destin Log and Walton Log

Inland Real Estate Auctions, Inc. Sells Industrial Site in Seneca ... - MarketWatch

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What Lies Ahead In The Real Estate And Financial Services Industries - The Metropolitan Coporate Counsel

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Real-Estate - Google News

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