Legal Question in Real Estate Law in Oklahoma
repo rental
We were notified that the owner of the house We are renting was in default on a loan. The agent They used to manage this property assured Us that the owner had made things right with the bank and We would not have to move. Now We have been informed that this property will be sold at a sheriff's sale next month because They didn't make it right.
Do I have to pay the last month's rent to this agent or do I owe the bank because They technically own this property now? And what about My security deposit?
1 Answer from Attorneys
Re: repo rental
If you are on a lease for a specific term such as a 1 year lease and if it is written, I would suggest that you file a copy of it at the local county clerk's office in the land records to protect your lease rights to remain there during the lease term. You may even consider your options to renew the lease for an additional term if the lease permits it and if it can be done any time before the lease expires. In such a case you have a leasehold interest in the property that nobody can interfere with as long as you are in compliance with the lease terms. Anyone buying the property at sheriff's sale or otherwise will take their title subject to your lease rights. Your lease may change these rights, so you need for an attorney to look it over and advise you further. If you are on a month to month lease, you can expect to remain there until the new owners take over and decide whether to keep you or give you a thirty day notice to quit. As far a paying what your lease requires, you should make all payments as required. Your deposit issue may have to await what happens with the Sheriff's sale.