Is our leasestill valid if it was made between us and the former rental company which no longer owns the apartment complex?
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Is our leasestill valid if it was made between us and the former rental company which no longer owns the apartment complex?
Our rental company sold our apartments to a new management company (which is now ripping everyone off and plans to raise prices). We want to break our lease now but we don’t know what rights this new rental company has over us considering their rental company is not even on our lease.
Asked on February 3, 2012 under Real Estate Law, Washington
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
When a rental property is sold, the new owner takes it subject to all existing, still-in-force leases; that is, the new owner becomes your new landlord, under the same terms as the old landlord. Your lease will still be in effect--and therefore, you cannot break it legally--under the exact same terms and conditions as had applied, at least until the end or expiration of the lease term (that is, when it would naturally end).
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