Real Estate Law
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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.