Home › Forums › Financial Markets/Economics › Does foreclosure void existing rental contracts?
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2009 Buyer.
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June 22, 2009 at 4:15 PM #15924June 22, 2009 at 4:54 PM #418926
SDEngineer
ParticipantIt used to, but no longer.
Under new rules, tenants do have the right to the term of their lease – however, it is subject to two very important caveats:
1) A dwelling purchased by someone who intends to occupy the home themselves can issue a 90 day notice to the tenants and void their lease in that fashion. Someone purchasing a home as a rental investment, however, must honor the existing lease subject to the second condition below.
2) Any lease must be “fair market value” – so no total sweetheart multi-year deals or anything of that sort.
June 22, 2009 at 4:54 PM #419492ParticipantIt used to, but no longer.
Under new rules, tenants do have the right to the term of their lease – however, it is subject to two very important caveats:
1) A dwelling purchased by someone who intends to occupy the home themselves can issue a 90 day notice to the tenants and void their lease in that fashion. Someone purchasing a home as a rental investment, however, must honor the existing lease subject to the second condition below.
2) Any lease must be “fair market value” – so no total sweetheart multi-year deals or anything of that sort.
June 22, 2009 at 4:54 PM #419423ParticipantIt used to, but no longer.
Under new rules, tenants do have the right to the term of their lease – however, it is subject to two very important caveats:
1) A dwelling purchased by someone who intends to occupy the home themselves can issue a 90 day notice to the tenants and void their lease in that fashion. Someone purchasing a home as a rental investment, however, must honor the existing lease subject to the second condition below.
2) Any lease must be “fair market value” – so no total sweetheart multi-year deals or anything of that sort.
June 22, 2009 at 4:54 PM #419653ParticipantIt used to, but no longer.
Under new rules, tenants do have the right to the term of their lease – however, it is subject to two very important caveats:
1) A dwelling purchased by someone who intends to occupy the home themselves can issue a 90 day notice to the tenants and void their lease in that fashion. Someone purchasing a home as a rental investment, however, must honor the existing lease subject to the second condition below.
2) Any lease must be “fair market value” – so no total sweetheart multi-year deals or anything of that sort.
June 22, 2009 at 4:54 PM #419155ParticipantIt used to, but no longer.
Under new rules, tenants do have the right to the term of their lease – however, it is subject to two very important caveats:
1) A dwelling purchased by someone who intends to occupy the home themselves can issue a 90 day notice to the tenants and void their lease in that fashion. Someone purchasing a home as a rental investment, however, must honor the existing lease subject to the second condition below.
2) Any lease must be “fair market value” – so no total sweetheart multi-year deals or anything of that sort.
June 22, 2009 at 6:07 PM #419517PadreBrian
ParticipantYep, so you basically have 3 months to find a new pad.
June 22, 2009 at 6:07 PM #419448ParticipantYep, so you basically have 3 months to find a new pad.
June 22, 2009 at 6:07 PM #419678ParticipantYep, so you basically have 3 months to find a new pad.
June 22, 2009 at 6:07 PM #419180ParticipantYep, so you basically have 3 months to find a new pad.
June 22, 2009 at 6:07 PM #418951ParticipantYep, so you basically have 3 months to find a new pad.
June 22, 2009 at 6:36 PM #419200EconProf
ParticipantThanks guys.
I should have mentioned…these are commercial tenants in commercial properties.June 22, 2009 at 6:36 PM #419698ParticipantThanks guys.
I should have mentioned…these are commercial tenants in commercial properties.June 22, 2009 at 6:36 PM #419468ParticipantThanks guys.
I should have mentioned…these are commercial tenants in commercial properties.June 22, 2009 at 6:36 PM #418971ParticipantThanks guys.
I should have mentioned…these are commercial tenants in commercial properties. -
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