CanI move out of myrental without penalty?
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CanI move out of myrental without penalty?
We entered a year long lease with our landlord. The house went into foreclosure because he didn’t pay. The bank bought the house back when it went to the auction block, the bank has said they would honor our lease probably but we rather not take chances. Can we move out before the end of the month without penalty? We have not paid this month’s rent.
Asked on November 8, 2011 under Real Estate Law, Texas
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
There is a federal law allowing tenants of a foreclosed residential unit to remain in it so long as they pay until the end of the written lease if it is more than a month-to-month lease. If a month-to-month lease, the new owner has to give the tenant at least 90 days notice of the need to vacate.
In your situation you do not have a written lease with the bank that foreclosed upon the property that you are renting. Technically you are obligated to pay the rent to the bank for the unit you occupy. However, if you want to end the lease, you may do so at your option earlier. I would just give the bank written notice of this fact and keep copy of the letter for future reference.
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