Good afternoon. I have responded below in bold, underlined, italicized text.
So, my questions are: Is it really standard that my debt is transferred to him, especially given that he said the sale is "as is"? Your month to month tenancy passes, but not rent due prior to the new owner's ownership. That remains with the prior owner. And if I paid him, what protects me from the bank coming back and saying I owe them? That's why you don't want to pay the new owner...because it's not debt that is due the new owner; in order for the new owner to be entitled to collect, you would want to demand to see both an assignment agreement whereby the old owner transfers that debt to the new owner and a release from the old owner releasing you from any obligation to the old owner. I am also concerned about the last month rent and security I paid the prior landlord. I do have that in writing, although it was not mentioned in my last one year lease, it was listed in the multi year lease before that. I have been at the property for 14 yrs. The security deposit should have been transferred because it goes with the tenancy. And, you don't want to sign any estoppel letter that does not specifically reference your security deposit.
I hope this has given you information that has been helpful to you. I wish you the best of luck!
If you have a follow-up question, please remember that there might be a delay between your follow up questions and my answers because I may be helping others or taking a break.
If I have adequately answered your question, even though the answer might not have been the one for which you hoped, I would appreciate it if you would please click the GREEN ACCEPT button so that I receive credit for my work; otherwise, though you have made a deposit, I do not receive credit.
If you need additional clarification on this question after clicking ACCEPT, please do not hesitate to click Reply and I will be happy to do what I can to help you further. Thanks for allowing me to be of service to you.
Please be aware that the information provided here is not legal advice. Rather it is simply general information. All states have intricacies in their laws and any information given is simply information only and specifically is not intended to be, nor does it constitute, legal advice. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).