If a residence is bought out before the end of a lease is up and there was no notice to lesee until after the fact, what can be done?

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If a residence is bought out before the end of a lease is up and there was no notice to lesee until after the fact, what can be done?

It was a lease with option to buy, and the new owner does not have the same thoughts. The lease option to buy was to purchase the property after 1 year of leasing with all money paid in to be the down payment. Now all money is gone, including intial deposit, and previous owner is nowhere to be found.

Asked on September 11, 2012 under Real Estate Law, Kentucky

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

If the term of your lease is not up, you have the right to remain in the unit subject to paying the agreement upon rent to the new landlord. As for damages stemming from the former landlord's breach of contract, your damages would be the difference between your agreed upon purchase price and the amount paid by your new landlord.

For example, your agreement to pay $200,000 but the former landlord sold it for $225,000, your damages would be 25,000.

I suggest that you consult with a real estate attorney as to your legal recourse. You will be able to track down the former landlord through a good private investigator.


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