Must a new landlord honor a lease that has not yet taken effect?

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Must a new landlord honor a lease that has not yet taken effect?

My apartment complex recently changed ownership. Our current lease is set to expire in a week but we’ve already signed a new lease to renew but it’s with the old ownership company. Is the new ownership group obligated to honor the renewal even though it doesn’t take effect for another week?

Asked on November 5, 2012 under Real Estate Law, Ohio

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If the lease that you signed for the renewal of the rental that you occupy was signed by all parties before escrow closed with the sale of the apartment complex that you reside in then under the laws of all states in thhis country the new owner takes ownership of the complex subject to your new lease in place.


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