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Attyadvisor
Attyadvisor, Attorney
Category: Real Estate Law
Satisfied Customers: 5647
Experience:  28 years of experience in general practice, real estate law and estate law.
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I am planning on buying a house in Yonkers, New York. The

Customer Question

i am planning on buying a house in Yonkers, New York. The house is being sold by the bank, the only obstacle that is preventing me from buying the house is that there are tenants that are living there. According to the realtor the tenants are there on a rent control lease, and there is not up until 2019. Is there a way that i could buy the house but not keep the the tenant.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Attyadvisor replied 1 year ago.

You would need to honor the lease. HOWEVER, the tenants would also need to honor the lease so any breach by the tenants would open up the opportunity to evict them. "Renters in Foreclosed Properties No Longer Lose Their Leases Before President Obama signed the "Protecting Tenants at Foreclosure Act of 2009," most renters lost their leases upon foreclosure. But this legislation provided that leases would survive a foreclosure. The tenant could stay at least until the end of the lease, and month-to-month tenants would be entitled to 90 days' notice before having to move out (this notice period is longer than any state's non-foreclosure notice period, a real boon to tenants). An exception was carved out for the buyer who intends to live on the property -- this buyer may terminate a lease with 90 days' notice. Importantly, the law provides that any state legislation that is more generous to tenants will not be preempted by the federal law. These protections apply to Section 8 tenants, too. Importantly, tenants who live in cities with rent control "just cause" eviction protection are also protected from terminations at the hands of an acquiring bank or new owner. These tenants can rely on their ordinance's list of allowable, or "just causes," for termination. Because a change of ownership, without more, does not justify a termination, the fact that the change occurred through foreclosure will not justify a termination." http://www.nolo.com/legal-encyclopedia/renters-foreclosure-what-are-their-30064.html Do you by any chance have a copy of the lease?