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WALLSTREETFIGHTER
WALLSTREETFIGHTER, Attorney
Category: Legal
Satisfied Customers: 17223
Experience:  14 years experience in representing clients, current member of legalshield, legal club of america, NYSUT and UFT attorney
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My condo was sold today at auction. (Unsure to who). I have

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My condo was sold today at auction. (Unsure to who). I have been the tenant for over 8 years. What happens next?

WALLSTREETLAW :

Hello and welcome. My name isXXXXX am a Licensed practicing attorney and my goal is to provide you with excellent service today.

WALLSTREETLAW :

If you are a renter, you do not have to worry at this point, the new owner has to contact you and provide you notice,

WALLSTREETLAW :

of whether they will allow you to remain in the property pursuant to your lease or they will want to have you leave, as they will move into the property.

WALLSTREETLAW :

Under the "Protecting Tenants at Foreclosure Act of 2009,"

WALLSTREETLAW :

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.

Customer:

How would they contact me? My father's name was on the mortgage, not mine. Would they check utility bills or something like that? Or would they leave something on the front door?

WALLSTREETLAW :

they have to serve you the notice,

WALLSTREETLAW :

If you have a lease they have to abide by it,

Customer:

In person? Then I have 90 days from that point to move?

WALLSTREETLAW :

if you have no lease they have to give you 90 days notice,

WALLSTREETLAW :

yes,

WALLSTREETLAW :

Many times,

WALLSTREETLAW :

they will pay you to leave early, so if they do notify you,

WALLSTREETLAW :

ask for some key money to leave

Customer:

Are they allowed to come inside my unit at any time?

WALLSTREETLAW :

no, they need to provide you notice,

WALLSTREETLAW :

and permission

Customer:

How much key money is reasonable? Rents here in Santa Monica for a 1 bedroom are $1600 minimum. Plus the cost of moving (I have a piano so it will be pricier than usual).

WALLSTREETLAW :

If you have a long term lease, you can ask for much more,

WALLSTREETLAW :

I think 3 months rent is reasonable if you do not have a lease

Customer:

I have a copy of my lease that my father signed on his deathbed in the hospital back in November. He stated that I could stay for 5 more years. But since it's not dated, it's not legit, correct?

WALLSTREETLAW :

no,

WALLSTREETLAW :

you can use it,

WALLSTREETLAW :

and show it to them,

WALLSTREETLAW :

it may be challenged, but it is a lease,

WALLSTREETLAW :

and you should argue for more time and key money,

WALLSTREETLAW :

due to the lease

Customer:

Okay. Would it be challenged in court? Would I have to pay court fees?

WALLSTREETLAW :

they may try to do this,

WALLSTREETLAW :

but it will take time,

WALLSTREETLAW :

in terms of fees you would not have to pay their fees in most cases

WALLSTREETLAW :

it is easier for them to pay you to leave

Customer:

Also, you're stating that I will be served. In person, correct? What if I'm not home? Could they come to my job? Or would they mail it? How does that work?

WALLSTREETLAW :

they could mail it, they will not come to your home

Customer:

So look for something in the mail? Then how and who do I contact about the lease and wanting more time?

WALLSTREETLAW :

they will provide you the new owners name and details, at this point do not worry, and just wait for them to contact you

Customer:

Okay, can I contact you in the future when I get contacted by the new owners? I'm just worried that the sherrif will break my door down and force me out. I just wanted reassurance that I will be contacted. I want this to go smoothly.

WALLSTREETLAW :

yes, you can ask for wallstreetlaw, at anytime

WALLSTREETLAW :

good luck

WALLSTREETLAW :

and if satisfied please provide us with positive feedback, thank you

Customer:

Thanks so much!

WALLSTREETLAW :

thank you

WALLSTREETLAW :

if satisfied please provide us with positive feedback, thank you

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