If I have a commercial lease on a property that was sold at a tax sale, is the lease still good with the new owners?

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If I have a commercial lease on a property that was sold at a tax sale, is the lease still good with the new owners?

If not, then how much time am I allowed to vacate?

Asked on April 25, 2012 under Real Estate Law, Indiana

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If the property was foreclosed upon (e.g. sold at a tax sale), your lease and possesion are terminated; unlike a traditional sale, when a building owner sells directly to the buyer, in which case the buyer does take the building subject to the lease, a foreclosure, whether by a bank or a municipality does not transfer the lease to the new owner. You can be asked to leave immediately, and if you do not, the new owner may seek to evict you through the courts. How long that will take depends on how aggressively the new owners move and how crowded or busy your courts are--it would be as short as 4 - 6 weeks, or it could take several months.


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