If my landlord just sold our apartment building, do the renters need to sign a new lease prior to sending rent to the new owner?

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If my landlord just sold our apartment building, do the renters need to sign a new lease prior to sending rent to the new owner?

Just received notice that our security deposit was turned over to new owner. Notice was given in writing 2 weeks prior to notice of change of ownership that rent would raise $50. Many of the renters in this complex are on a fixed income. May we move without the 60 day notice without losing our deposit? Are there options?

Asked on April 20, 2012 under Real Estate Law, Iowa

Answers:

Glenn M. Lyon, Esq. / MacGregor Lyon, LLC.

Answered 9 years ago | Contributor

Both the new landlord and you are subject to the terms of the lease that you signed with the previous landlord.


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