Q: Do I have to sign a new lease and pay a new security deposit if my apartment building was bought by another company?
My apartment building was just bought by another company, and they're making everyone go in and apply all over again, sign a new lease, and possibly put down a new security deposit (they aren't sure about the last one yet apparently). I just got this apartment four months ago and I don't have the money to put down another security deposit. Can't they just honor my current contract? It doesn't seem right that they could kick me out if I haven't done anything wrong.
A:
You would need to look closely at your lease, but it's unlikely that they could completely disregard your existing lease or demand a new security deposit unless they knew they were trying to sell the building and built in an ability for a new owner to give you notice to terminate after purchasing. Absent that type of provision, the new owner should be bound by existing leases. Even if your lease allowed a new owner following purchase to terminate upon some reasonable amount of notice, that type of provision would probably not excuse your previous landlord from properly handling your original security deposit, and you may have a claim against your previous landlord for not returning your original security deposit.
Your lease may, however, require you to sign a document acknowledging the new owner as the new landlord under your lease (and maybe updating rent payment address, notice address, etc.).
A: You may also find this document helpful, especially at page 6: https://www.colorado.gov/pacific/sites/default/files/Attachment%2010-Landord%20and%20Tenant%20Rights.pdf
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
