Real Estate Law
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The short answer is no. This is not grounds to cancel your lease. Under the recently passed Tenants At Foreclosure Act, any tenant whose landlord goes into foreclosure has the right to stay for the remainder of the lease (if written) or for 90 days after the foreclosure (if a month to month).
Both realtors and him should have disclosed this prior to the signing of the lease I would certainly not have rented this property, is there no way out of my lease?
If I would break the lease will I just lose my security deposit or can I be sued for the balance of the lease?
You can cancel the lease, but if you do so for a reason that is not the fault or breach by the landlord, you could be sued for breaching the agreement.
If you cancel the lease, you would likely lose your security deposit (to be applied for repairs and unpaid rent). You could also be sued for the remaining rent for the months left on your lease. Bear in mind that the landlord has an obligation to find a new tenant ASAP, but until he does find a replacement, you're liable for the rent.
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