You are the publician of a baby apartment building that you are offering for sale. You acquisition a buyer and a sale is arranged. About the Author Mark Walters is a absolute estate investor and author. His published works can be activate at http://www.CashFlowInstitute.com
The tenants apprentice of the sale and buzz if they will be forced to act. How accomplish you answer?
You statement for that it depends upon the rent agreement. If the tenant signed a rent they accept the adapted to remain in the unit at least until the borderline of the rent… longer if the advanced owner agrees.
In abounding cases the tenant signed a rent and remained after the rent chat ended. At that point their occupancy became a month to month tenancy.
A month to month tenancy can be terminated merely with the publician giving apprehension to the tenant. The length of the apprehension may be governed by state constitution, but a 30-day apprehension is customary.
In another bearings the tenants learned that the apartment owner was in default on his monthly mortgage payments and the lender had begun a foreclosure action.
All the tenants had age remaining on their apartment leases and they had no intention of moving.
Bad statement for the tenants… absolute property foreclosure constitution states that subordinate liens and leases are extinguished by a foreclosure.
This means tenant leases accomplish not accept to be honored by whomever buys the property at the foreclosure auction.
The tenants will accept due action by receiving a apprehension to vacate and if they don’t act they will face an eviction suit.
About the Author
Mark Walters is a absolute estate investor and author. His published works can be activate at http://www.CashFlowInstitute.com
Originall posted March 21, 2012