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socrateaser
socrateaser, Lawyer
Category: Legal
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Experience:  Retired (mostly)
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I understand, I meant to open another question. Can a LL throw

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I understand, I meant to open another question. Can a LL throw monkey wrench into the transferring of m2m to new owner, I.e. at what point would the subject of current tenant transferring to any buyer come up between either LL/REA or LL/prospective buyer? In my case I hadn't heard a word of transferability of any sort.

My apologies for my clumsiness. Your answers are invaluable and I'd prefer to act on that. Thank you.
Submitted: 11 months ago.
Category: Legal
Expert:  socrateaser replied 11 months ago.
Absent contrary provision in the lease, a landlord's sale, assignment or other transfer of ownership does not affect an existing lease (or sublease thereunder). Instead, the transferee, in effect, “steps into the landlord's shoes.” Kirk Corp. v. First American Title Co. (1990) 220 CA3d 785, 809.

As the listing/seller's real estate agent, I would be providing disclosure every prospective buyer that a tenant is present in the property, before a purchase offer is made. As the cooperating/buyer's agent, I would make the purchase offer contingent upon a review of the current lease agreement -- which would mean that the lease would have to be disclosed immediately after the owner accepts the purchase offer.

As the tenant, you have no right to know anything about the sale, unless the lease provides otherwise. The law guarantees that your lease continues undisturbed after a property sale, so there is nothing to be concerned about in that regard (except as previously mentioned, in a month-to-month tenancy, the best you can hope for in maintaining the current lease unchanged is a 30/60 day notice).

The law also guarantees that the current owner must transfer the tenant's security deposit to the new owner incident to the sale, or refund it to the tenant, and that the new owner is liable to the tenant for the security deposit, if the prior owner fails to transfer or refund the security deposit.

Hope this helps.
socrateaser, Lawyer
Category: Legal
Satisfied Customers: 33495
Experience: Retired (mostly)
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