Landlord/Lease Question...

Discussion in 'The Okie Corral' started by SIUC4, Oct 6, 2010.

  1. SIUC4

    SIUC4 Glockness

    Messages:
    792
    Likes Received:
    1
    Joined:
    Apr 16, 2009
    Location:
    Houston
    I am living in Texas, my landlord lives in STL and as of Jan 1 2011 she is selling the place and there will be a new landlord that lives here in Texas. My Question is what happens to the lease that we have signed until Aug 2011? Can the new landlord raise our rent or make us sign a new lease? I have done some internet research and found conflicting answers, I just wanted to ask the GT Brain Trust before heading to the lawyers office...
     
  2. Lethaltxn

    Lethaltxn

    Messages:
    8,311
    Likes Received:
    4,291
    Joined:
    Mar 23, 2010
    Location:
    Texas
    The way I understand it, no. The previous contract signed is still binding even though owners have changed. However, when you go to re-up, if they even give you the option, there is nothing stopping them from raising the rent.
     

  3. Adjuster

    Adjuster

    Messages:
    20,318
    Likes Received:
    12,089
    Joined:
    Feb 8, 2006
    Location:
    Port Richey Florida USA
    I also believe your existing lease stays in effect for its term. You can bet there will be some changes however in your tenant landlord relationship. You have probably had it pretty easy with an out of town landlord. The new owner will be at your door everyday checking out his new property. Time to dismantle the grow house!
     
  4. Easterbrook

    Easterbrook Wagon Burner

    Messages:
    9,369
    Likes Received:
    0
    Joined:
    Jan 21, 2007
    Location:
    In my teepee.
    .......
     
    Last edited: Oct 6, 2010
  5. orgnova

    orgnova

    Messages:
    209
    Likes Received:
    0
    Joined:
    Feb 13, 2010
    Location:
    SW Ohio
    as a landlord, the lease should stay as signed, unless there was a clause stating something about the sale of the property in the lease agreement.
     
  6. mv_myrx

    mv_myrx

    Messages:
    31
    Likes Received:
    0
    Joined:
    Feb 6, 2009
    Location:
    Fl & WNC
    Under Florida law (Texas reciprocates licenses) the law states that the seller must disclose all existing leases and agreements, new owner isobligated under the law to fulfill the existing lease. (any tenant deposits are legally required to be escrowed and carry over to the new owners) rents are pro-rated and paid out to the entitled party by the closing agent. Once the new owners take possession of the property they "may" contact you and try to buy out your lease, renew it, or in some other way attempt to enter into a new contract with you. However, you are under no legal obligation to do so, if they do make an offer it will most likely be financially favorable for you.
    Hope this helps,
    regards,
     
  7. SIUC4

    SIUC4 Glockness

    Messages:
    792
    Likes Received:
    1
    Joined:
    Apr 16, 2009
    Location:
    Houston
    thanks for the help everyone, I just don't want to try and get bullied into signing a new lease without knowing if I can say no or not, my current lease says nothing of change of property ownership so hopefully everything goes smoothly...
     
  8. wilkersk

    wilkersk

    Messages:
    873
    Likes Received:
    1
    Joined:
    Jun 6, 2010
    As far as I know, the lease is valid until the end of the term. However, some leases convert to month-to-month on fullfillment of the original terms. Month-to-month rentals usually only require a 60 day notice to terminate.
     
  9. Sandbag

    Sandbag Chief-Rocker

    Messages:
    579
    Likes Received:
    0
    Joined:
    Apr 29, 2005
    Location:
    TampaBay Florida
    Lease trumps sale contract.
    Time to read your lease. There should be a 30-day out written notice by either party.
    The new owner needs to send you written notice of any and everything.

    I suggest you contact him/her first and introduce yourself.