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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.
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