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Can i lose my deposit if ccurrent owner sells?

That will make our lease void right?

Whatd o we do?

Answer Question

Asked by Anonymous at 7:54 PM on Jun. 6, 2010 in Money & Work

Answers (6)
  • You'd have to read the lease and see if it says anything about that in there.

    Answer by Kiwismommy19 at 7:57 PM on Jun. 6, 2010

  • It would seem like your lease would be void to me. Look at your lease, talk to the current owner.

    Answer by Anonymous at 7:58 PM on Jun. 6, 2010

  • If you have a legal lease then you will get your deposit back--if not, you can sue in small claims court. The new owner can do whatever he wants to your lease. He/she can increase the rent, can refuse to allow you to renew your lease, or any number of other stipulations that may not be used to. Unfortunately you don't have much say as a renter.

    Now, if the home was FORECLOSED on, and the original owner filed bankruptcy, you will likely lose your deposit--or be paid last if there is anything left--and that could take a long time.

    Answer by LoriKeet at 8:03 PM on Jun. 6, 2010

  • Depends on what your lease says. Our lease specifically says that the new owner has to honor the current lease until it expires and that is made abundantly clear during the negotiations to sell to anyone (we are landlords and have sold a property with tenants in it). If the lease does not say anything then it depends on what is negotiated during the sale. Oh and when we sold our property we had to give the new owner all security deposits with interest (if over a year old) so he/she could return them if/when the tenant left. There is no law that says anything only what is agreed upon during the sale. If the new owner tries to kick you out or break the lease in any way and it clearly says they can't then you can fight them in court. We provided by law copies of certain closing papers to the tenants when we sold.

    Answer by Anonymous at 8:08 PM on Jun. 6, 2010

  • I think they let us move in to help it sell faster, we were not told that it was going up for sale.

    The place was in terrible shape, my husband did a lot of work on it.

    Answer by Anonymous at 8:12 PM on Jun. 6, 2010

  • Most leases will state that if you are a resident and the property sells, that the remainder of the lease has to, by law, be honored. Also, by law, when you pay a deposit on a rental, the landlord is suppose to put it in a separate account, until you move out and it's determined whether or not you get it back. I do believe that it is law, as well, that they have to give you the interest that the money has gained.

    Answer by mama2three717 at 2:19 AM on Jun. 14, 2010

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