Real Estate Law
Have Real Estate Law Questions? Ask a Real Estate Lawyer.
Hello again . . .
To answer your question..................from the scenario you have listed it seems that this would potentially resolve issues regarding bringing the property up to code and not being subject to any future fines......However, there is still some uncertainty regarding the time it may take to get permits and fix the issues (plus any unforeseen issues). Not to be negative, just pointing out these are always considerations...............You would still have the issue of having a previously foreclosed property subject to a valid lease agreement..........which my understanding is that a lease must be honored......at least for a reasonable time. You can always attempt to evict a tenant........However, as mentioned if the tenant has a valid lease, this can be a defense.
If it becomes clear that a property owner attempted to put up a buddy at a very low lease at a new property owners expense for a very long time.........the lease may not hold up under the changes to the law.
Ok . . . thanks . . . really! You are good at this! I hope you like your job!
The lease is sort of fair . . . close to market rates . . . but five years . . . oh my. And, includes the use of a commercial kitchen as part of their business. So, a good deal for here but not crazy low rent . . .
I do see some materials stating that under the new foreclosure laws there are exceptions to honoring a lease for example.........
This would seem to solve the issue of your wanting to live in the property...........as long as it is brought up to code, permitted, etc. and you are able to do so.
wow might be related!
It looks like California requires advance notice of 60-90 days if one becomes the new owner of a foreclosure and intends to evict the tenant.
thanks!!!! we are very grateful for the info . . .
In addition a new owner must notify a tenant within 15 days of the change of ownership.
Hey . . . where can I find this stuff . . . practice guide? or should i just hire an attorney here locally . . .
and in many areas of California.........one may evict for "good cause" which is a factually intensive issue.
We also have a fourplex and I have questions upon questions . . . but that i will bug you with later . . .
I would look to hire a local attorney.....for any real estate transactions to review your contract and guide you through the transaction. That's always recommended.
The current owner, I believe wants to rent the place from us . . . for three years . . . and continue to run her wedding business.
Will do . . . how can I find a good one?
I always recommend asking friends and family first..........someone you trust.....to see if they have anyone they would recommend. Its easier to trust personal recommendations.
Ok thanks . . .
Absent that...........do an online search then speak with a few until you find one you are comfortable with.
Until later this week - when I have questions about our fourplex :-)
have a good night
Thank you. Have a great day.
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).