Does a foreclosure void all existing rental contracts?
I’m pretty sure it does, otherwise tenants could work out a sweetheart deal with the current owner and sign a long-term lease at an extremely low rent–for a silent kick-back of course.
I’m about to foreclose on some 2d TDs and have reason to worry about such shennanigans between the owner and tenants.
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.
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.
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.
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.
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.
