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My company rented a condo a year ago with the intent and understanding…

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My company rented a condo...
My company rented a condo a year ago with the intent and understanding (as so I thought) of purchasing the Condo outright at the end of the lease. A foreclosure Judgement has been awarded to the bank and the property was scheduled to go to Auction at Sherrif Sale on 6/16/2010. I informed the Landlord's Attorney of the the Sherrif Sales and he contacted the Law Firm that represents the bank and was able to cancel the Sherif Sale. My questions are as follows:

1. Knowing that the property was in Foreclosure duing my lease period, am I entilted to a refund of my rent payments.

2. knowing that my lease is now up, can I legally stay until the foreclosure judgement is settled or the property is sold at Auction?

3. Under these conditions, what rights if any do I have
Submitted: 8 years ago.Category: Real Estate Law
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Answered in 7 minutes by:
6/23/2010
Real Estate Lawyer: lwpat, Attorney replied 8 years ago
lwpat
lwpat, Attorney
Category: Real Estate Law
Satisfied Customers: 25,387
Experience: Practicing attorney with expertise in easements
Verified
If you lease agreement gives you the right to purchase, you can still do that and you may be able to even get a better deal. You are not entitled to a refund of your rent payments. You can now legally stay but you will have to continue making your rental payments. Even if it is foreclosed, they will have to give you ninety days to move. You may be better off to let it go into foreclosure and then purchase it from the bank.
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Category: Real Estate Law
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Experience: Practicing attorney with expertise in easements

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