Legal Question in Real Estate Law in California
i am a renter and they have recently sold the building. what rights do i have as far as staying or moving? do they have to give me some time to move?
2 Answers from Attorneys
Your rights are unchanged from before the sale. The buyer steps into the shoes of the previous landlord as to any rights and responsibilities between you. The only slightly tricky thing is your deposit. If the transaction was handled well, the former landlord submitted all deposit funds into the escrow for transfer to the new owner. If so, that makes the new owner solely responsible for processing the deposit deductions and refund at the end of your tenancy. If it was not done that way, you can demand whatever refund you are entitled to from either or both of them.
The buyer is bound by the lease in the same manner and to the same extent as the seller. Thus, if you have a lease for a fixed term, the buyer must honor that lease and allow you to occupy the premises. The buyer has become your new landlord, and is subject to the same laws for notices, payment of rent, and termination of the lease as the old landlord.