If our landlord sold his condo, will the new owner have to honor our current lease?

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If our landlord sold his condo, will the new owner have to honor our current lease?

We did not have leases until the owner decided to sell. He scrambled to get a signed lease, lied about how much rent each renter paid and has offered to give me the difference of each month’s rent in cash to keep my mouth shut. I just want to know if the new owner has to honor our current lease or if can he raise the rent now?

Asked on July 22, 2011 Arizona

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

If you have a written lease for the condominium you are renting more than a month to month and the unit sells, the new owner is obligated to honor the lease's balance. Did you sign a tenant estoppel certificate before the sale? If so, do you have a copy of it?

The purpose of a tenant estoppel certificate signed by the landlord and current tenant before sale is to place the soon to be owner before the sale on notice of the lease and its terms.

As to raising rent, read the written lease. It should state the monthly amount of rent and for how long it will be in effect before it can be increased. If you have a lease in effect that is in writing, the new owner should be forced to honor its terms.


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