Legal Question in Real Estate Law in Illinois

Landlord Selling the Property

The owner of our apartment has put the house on the real estate market. This house is a 3 flat greystone that was once a private residence. Our one year lease has 3-months remaining. Not knowing what a new owner plans to do with the property (i.e. convert it back to a private residence, rehap the property and sell the unit off as condos , etc.) We have been looking for a new unit in the area.

My question, can I get out of my lease without penalty due to the sale of the proporty prior the expiration of lease in order to gain secure resisdence?

Thanks


Asked on 5/05/02, 10:50 am

1 Answer from Attorneys
Jay Pollak The Pollak Law Firm, LLC

Re: Landlord Selling the Property

The simple answer is no. However depedning on the buyer's intentions he may want the property not subject to any leases. So you may have an opprtunity to cancel your lease early, but don't count on it.

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Answered on 5/05/02, 10:55 am


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