Legal Question in Real Estate Law in Colorado

Notice

My son & his roommates have a lease good thru 8/03. The LL has informed them that (a) she is bankrupt and the house is in foreclosure and (b) it is on the market and (c) they have to move out by 12/1. The last was a message left on their answering machine. Rent is up to date, no written notice has been given. The house is now listed with an agent who is going to be showing the house. What are his rights? If they have a valid lease, do they still have to move? If she is truly bk, how do they get their deposits back?


Asked on 11/09/02, 6:31 pm

1 Answer from Attorneys
Lawrence Maun Lawrence J. Maun, P.C.

Re: Notice

The lease is probably subordianted to the mortgage so if there is a foreclosure the lease would be terminated because the owner, through whom the lease rights come, would no longer own the property. However, as long as the owner has an interest in the property, the lease is in effect. Additionally, if the owner sells the property, it would be subject to the lease, unless the lease terms, in writing, say something else. A lease is an interest in property, and that interest cannot be terminated at the whim of the owner. In addition, unless the lease provides, you do not have to grant unfettered access to the property, to realtors and there clients. Larry Maun 713.266.2560

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Answered on 11/11/02, 11:51 am


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