Question about tenant rights and foreclosure on apartment?

Question:

I am renting a condo in NYC. My current lease ends on 12/31/06, and I signed a new 2-year lease to take effect on 1/1/07. The apartment's owner is foreclosing on the place, and it is to be auctioned on 1/17/07. I do not want to stay in this apt. anymore. The condo board drives me crazy with notices and info concerning this eviction, and I would like to move before my current lease ends. I have found an apt. that I love elsewhere, yet I don't know if I can cancel the lease that I signed (the one that begins on 1/1/07). The apt. is going to be sold anyway, and the board still has not sent back a copy of the lease, signed, so I don't even know if they have agreed to it at this point. Can I get out of the lease?

Answer:
If you have a lease it is for the property. The property is still the property described in the lease. The owner to be buys the property with the lease intact. As far as you not getting a copy of the signed lease, you have an implied lease. You should get a copy though so you can protect yourself. If the board doesn't want to give you a copy, submit a letter (registered mail) that you are not renewing your lease due to their lack of response to your original renewal.

i believe you can, but the best thing to do is get a consultation with a lawyer. it will cost a little money, but shouldnt be alot. then you will know for positive exactly what your rights are. good luck and merry christmas.

I believe the foreclosure supersedes the new lease, not in effect for 11 more days. BUT go in person and ask if the foreclosure has negated the new lease and get it in writing.

Who was the legal owner of the property when you signed the lease? And who is the legal owner now. The current legal owner can let you out of the lease. Unless the condo board is the legal owner, they have no say in the matter.

The owner of the unit does not foreclose on it. The lender does, or possibly the condo board in some cases.

Contact the legal owner -- the person you signed the lease with -- and ask them to destroy the lease. If they're losing the property anyway, they may not have a problem doing that for you.

If you know who is foreclosing on the unit, ask them if they'd be willing to void the lease. If they are, get it in writing. You'll then be free to walk away.

If you want to stay, your lease grants you a legal right of posession and any new owner MUST abide by that agreement. However, you are free to mutually void the lease if you wish.

Question about tenant rights and foreclosure on apartment?

Hot Topic