If a property was foreclosed 1.5 years ago with tenant who has abonafide lease, how much notice must they be given to move?

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If a property was foreclosed 1.5 years ago with tenant who has abonafide lease, how much notice must they be given to move?

Court has deemed lease is bonafide. One and half years after foreclosure bank states they are selling property to a buyer whom intends to live in the home and that I will be receiving 90-day notice on the date of sale. Does this law still apply to this scenario even though so much time has passed? or does the tradition law which states new buyer takes property with valid lease and steps into Landlord’s shoes apply?

Asked on January 8, 2012 under Real Estate Law, California

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

A foreclosure is not a sale. When property is sold, the seller sells his/her rights *and* obligations to the buyer; the buyer therefore takes the property subject to any leases. However, a foreclosure simply ends the property owner's rights; he or she no longer has any right to possesison, which means that he or she can no longer grant possessory rights to a tenant, which extinguishes the lease.

Prior to the real estate meltdown, a tenant in a foreclosed property could be made to move almost immediately by the bank, since he or she no longer had any right to be there. Post meltdown, some laws have provided protection for the tenants, giving them time to move out--often months. However, if the property was foreclosed upon 1.5 years ago, at this point, I believe the only additional notice or time you are required is the 90 day notice--not to mention the fact that the least notice is required when the property goes to someone who intends to reside there him- or herself.

You've already had a year-and-a-half of additional time post-foreclosure--you unfortunately just don't get that much more at this point.


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