If the seasonal condo I have rented for a month goes into foreclosure, do they have to uphold my contract v

Get Legal Help Today

 Secured with SHA-256 Encryption

If the seasonal condo I have rented for a month goes into foreclosure, do they have to uphold my contract v

I rent a condo in FL for March. I have a
already signed a one month lease for
March 2019. I have heard the unit is
going to be foreclosed. Will they honor
our lease or return my deposit if they
dont. Thanks

Asked on April 24, 2018 under Real Estate Law, Michigan

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

1) Foreclosure cuts off all rights of the owner, including the right to lease out the space. Whomever acquires the condo after foreclosure (e.g. the bank) could voluntarily choose to honor your lease, but is not required to; the lease will bind or obligate them.
2) The owner who is being foreclosed upon should return your deposit if the foreclosure occurs, since in that case, he cannot provide the thing (the rental) you provided the deposit for. If he does not, you'd have to sue him for the money, which can be difficult and expensive if he is in a different state--and even if you sue and win, if he spent, lost, etc. the money and doesn't have the funds to repay (which is certainly possible, if he is being foreclosed upon for nonpayment of his loan or HOA dues or whatever it is that he failed to pay), you will not get your money back: winning a court case does not make money appear where there is none.


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