Posted by TenantNet on March 05, 1997 at 01:21:50:
In Reply to: Foreclosure - lease still valid? posted by Dave on March 04, 1997 at 09:46:21:
: I've read past threads on this subject, but it's still unclear to
: me whether my lease will still be valid once the house I'm in
: completes foreclosure. Will the new owner have the right to evict
: me, or will they have to abide by my lease? Thanks.
Foreclosures can get extremely complicated and you have to look
at a case-by-case basis. A foreclosure can affect certain rights
against the new and old landlord (such as liability for overcharge),
but in general RC and RS tenants are protected against eviction
either by the receiver or new landlord except if they could be
evicted normally for other reasons, i.e., non-payment of rent.
You should get a Notice of Attornment which spells out who is the
current landlord and if any doubt, then hold the money aside until
someone makes a valid claim for ownership or receiver status.
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