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-> Inquiries & Offers
-> New York related Inquiries
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amother
OP
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 Thu, Oct 14 2021, 9:53 am
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If my current lease is no yet up? Or is my old lease still valid?
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amother
Aquamarine
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Thu, Oct 14 2021, 9:55 am
| amother [ OP ] wrote: | | If my current lease is no yet up? Or is my old lease still valid? |
Read the terms of your lease to see if it applies to new owners/landlords who buy the building. If its not clear then speak to a lawyer to see what your rights are.
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Amarante
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Thu, Oct 14 2021, 10:19 am
In general, in the USA - especially in an area like NY or other metropolitan areas - a new buyer buys subject to the current tenant and lease.
There are some circumstances in which you can evict the tenant but these are generally only if the new buyer wants to move into the property. And even then, there are laws in which the tenant must be paid a certain amount to move and also even more protection if the tenant is above a certain age.
That is why many buyers won't buy a property if there is a tenant. In NYC, the price of coops are significantly lower if there is a tenant in place who is rent stabilized for example.
Landlord/tenant law is VERY location specific though but in general if you have a lease and a property is sold, the lease is still valid.
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