Legal Question in Real Estate Law in California

President Obama signed into law SB. 896, the "Protecting Tenants at Foreclosure Act of 2009'" on May 20, 2009, effective on that date. Tenants with leases are allowed to live in the house until the end of the leases, or 90 days notice, whichever is later. If they have month-to-month leases, they get 90 days notice to vacate. The leases have to be bona fide, that is, the tenants are not your relatives, but regular renters you negotiated at arm-length with. Also, if the buyer of the house at foreclosure wants to move in as owner-occupied, the lease is terminated but the renter gets 90 days notice. Ironically, it would seem that as the current owner of the house (and not a renter), you would have to vacate when the sheriff eventually show up. However, I would think that you could negotiate with the bank to stay in the house if the renters are staying past the foreclosure sale anyway.

Larry L. Doan, Esq.

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