Legal Question in Landlord & Tenant Law in California
The house we've been renting for 10 years just foreclosed and someone bought it at an auction the other day. We are on a year lease (signed jan of this year), and were told by a real estate agent that if someone buys the house and we are on a lease that they have to honor the lease or buy us out. How true is this?
We were hopeing for a foreclosure because at least then we would have gotten cash for keys and maybe an extra month, now we've been told we have 2 months to get out. Basically we have no money to move unless we can stay and save the money for at least 6 months.
Thank you
1 Answer from Attorneys
Under current law, you have 90 days or to the end of your lease, whichever is longer. They have to buy you out if they want you out sooner. If your lease has a right of renewal clause you may also be able to enforce that, though it's less certain than the right to stay 90 days or end of lease.