Apartment building is being sold- does that break current lease?
I have 7 months left on a lease, and our building is in the process of being sold. The property manager insists that nothing will change because we have a lease, but the current lease has us making payments to the old owner so it seems that something new will have to be signed. We are hoping to be able to move. Does the selling of the property automatically break the lease? I am in Arizona.
Answers below in Comments Section
No it does not. A lease is a legal binding contract which the new owner MUST honor.
No, your lease is not effected by the sale at all. You simply pay the new landlord, no big deal.
You can’t move until your lease expires.
The seller will transfer your existing lease to the new owners of the property. The sale of the property does not affect your lease in any way.
No it doesn’t break your lease. Whomever buys the building will need to honor your lease as it is now until it is up.
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