Apartment Foreclosurd
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Apartment Foreclosurd
Signed a lease in Feb of 09 – 2 months later we were notified that the complex was in foreclosure proceedings. We were not notified at the time of signing that this was a possibility. Can I break my existing lease without haveing to pay all the early termination charges?
Asked on May 17, 2009 under Real Estate Law, Arizona
Answers:
B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
I'm not an Arizona lawyer, and this is one area of the law which differs from one state to the next. Also, I don't have a copy of your lease. You should find a local real estate lawyer and have him review your lease, and any other facts that bear on this situation. One place to find experienced attorneys is our website, http://attorneypages.com
Most leases do not allow this as a reason to break the lease. Foreclosure often can take several months to complete, and in the meantime, the original landlord you signed with still owns the property. Whether your lease is still valid once the property is sold is a question for your lawyer!
However, in a situation like this, the landlord may not keep up with his or her obligations to you, such as keeping the property in good repair and so on. The foreclosure would not limit your rights, if you could otherwise declare the lease broken by the landlord. Again, this depends on the wording of your lease, Arizona law, and the unique facts of your case, and it's best to check with a lawyer before taking action.
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