If my landlord sells the property, does my lease automatically switch to a new property owner or do we need to sign a new lease agreement?
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If my landlord sells the property, does my lease automatically switch to a new property owner or do we need to sign a new lease agreement?
Asked on October 26, 2011 under Real Estate Law, Oregon
Answers:
S.L,. Member, California Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
An assignment is a complete transfer of interest which occurred when the landlord sold the property. The terms of your lease remain in effect and you would continue paying rent to the new owner, who is now the new landlord. When your present lease ends, the new owner might have you sign a new lease. If the new owner does not have you sign a new lease when your current lease ends, but continues accepting your rent payment, you then have a month-to-month tenancy on the same terms as your present lease.
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