Q: I have leased a property over the last 4 years, my lease ends 9/30/18. After several weeks and attempts to contact
the property management company about a new lease I finally made contact and entered into an oral agreement to extend the lease on July 19th 2018, and was sent a lease to sign. I was contacted yesterday by email yesterday and told the lease will now unfortunately not be renewed per their lawyer the property could not be released. I was put in contact with the lawyer and told the property will be put up for auction on October 15th. There is much more to tell .... what rights do we have we were told we need to be out by September 30th when the OLD lease expires. The new lease paperwork and oral agreement terms begin on July 19th 2018-July 19th 2019. What are my rights, as a tenant and interested party for ownership?
A: Unfortunately, you have no rights other than possession through September, provided you pay the required rent.
Real estate is particularly strict on undertakings for one year being or longer being in writing, so your unsigned lease extension is meaningless.
Of course as with everything, there are exceptions. If you are unsure on this matter you need to see an attorney to vet out all the facts and see if any of those exceptions (generally focused on detrimental reliance and part performance, neither of which you hinted at in your short statement) apply to you.
As far as being a buyer - if the property is going to be sold, then its time to find out about the sale parameters and be ready to met or exceed them, or otherwise come up with a plan to be able to bid what you consider a fair and affordable price.
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