Legal Question in Real Estate Law in Virginia

Is this a renewal or a new lease?
My current lease, entered into 11 months ago with OwnerOne, ends next month. 6 months ago OwnerOne sold the property to OwnerTwo. The leasing agent has offered me a lower monthly rent if I sign a new lease with OwnerTwo. The new lease looks nothing like the old lease. The leasing agent insists I am ''renewing'' my lease. Conversely, I believe I must terminate my old lease pursuant to its terms and conditions and that I am then going to enter into a new lease pursuant to its terms and conditions. Who is right, the leasing agent or me?

Asked on 11/02/02, 12:59 am

Michael Hendrickson Law Office Michael E. Hendrickson

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Re: Is this a renewal or a new lease?

If your lease precedes the sale of the property,

the new owner takes title subject to the terms of your existing lease.

Under these conditions, you are not required to execute a new lease until the old one expires---unless you freely choose to do so.

Answered on 11/16/02, 12:49 am

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