Legal Question in Real Estate Law in Virginia
Landlord selling apartment but our lease is still good
We rented our apartment last November and signed a year lease, but 4 days ago we received an eviction notice from a law firm stating that since their client (a bank) purchased the property from the previous owner, we would have to vacate within five days. When I called the law firm they said we really had close to 40 days to leave, because that was the time it would take for the hearing. Our realtor, who was handling the property for the previous owner and with whom we signed the lease, tells us not to worry because our lease is good no matter who owns the apartment. Who is right?
2 Answers from Attorneys
Re: Landlord selling apartment but our lease is still good
If the previous owner sold it to the new owner after you signed your lease, the new owner took it subject to your lease, and you have the right to stay. But this sounds like the new owner bought it at a foreclosure sale. In that case, the property was essentially "sold" before you signed the lease (by the grant of the deed of trust or mortgage in favor of the lender), leaving you with no right to continue in possession. You have a claim for breach of your lease against the former owner, but that's probably not worth much given the fact that he defaulted on his mortgage.
Re: Landlord selling apartment but our lease is still good
First of all read your lease and make sure it does not say what happens if the landlord sells. If is does not, then your lease and your rights thereunder remain until the end of the term, so long as you do not do something to cause a default.
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