Who do I owe rent to and who owes me my security deposit if the condo I was renting was recently bought by the bank?

Get Legal Help Today

 Secured with SHA-256 Encryption

Who do I owe rent to and who owes me my security deposit if the condo I was renting was recently bought by the bank?

I’ve been renting my condo for 2 years. The unit was bought by the bank recently. I was renting I’ve been renting my condo for 2 years. The unit was bought by the bank recently. I was renting from the condo association HOA, my lease ended last week. We are awaiting to hear back from the bank to find out what options are available to us for moving we requested our security deposit back from the condo association since our lease is over however, they informed us that per their attorney, as long as we occupy the unit, we still have to pay them rent? How is this possible if the bank owns the unit now and our lease has ended with the condo association?

Asked on May 7, 2012 under Real Estate Law, Illinois

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Do you mean that the bank foreclosed on the property?  Then under the law enacted in 2009 you are protected and have 90 days to relocate.  Your lease has eneded so you are now a month to month tenant and yes, you still have to pay rent, but to the bank not the HOA.  Who pays the security deposit depends on your state law.  Some states require you go after the original landlord; some require the new landlord to pay it back to you and go after then original landlord themselves. You need to consult an attorney in your area on that issue.  Good luck.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption