can a lease agreement be binding if the property is sold to new owners

can a lease agreement be binding if the property is sold to new owners. I’m asking this question because we just found out on the property is being leased to renters and we already have a buy/sell agreement.

Asked on April 10, 2017 under Real Estate Law, Michigan

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

When a rental property is sold, the buyer takes ownership "subject to" any existing leases. If the lease is verbal, then a month-to-month tenancy exits, so a 30 day notice to quit must be given the tenants. If the lease is written, then the tenants can stay on the premises until it expires.


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