Q: I am concerned that I am signing a lease agreement on a house that is going to go into foreclosure .
I’ve been offered a lease agreement at a very low rate considering the property. It does have cosmetic issues, and is in need of quite a few repairs, but overall in decent shape.
I’ve verified that the person that I am dealing with is in fact the owner of the home already, so I do not believe it’s a scam. My concern is that they may be renting it to me for very little because they intend on foreclosure ( it’s happened to me before). I’m not sure what my rights would be if it does for clothes. Could I be evicted? Or if I have a one year lease agreement, would they have to honor it?
A: You have rights under the Protecting Tenants at Foreclosure Act. In the event the house you are renting is foreclosed upon, you have a right to a minimum of 90 days notice before your lease can be terminated. And if the buyer is a business or other entity that has no plans to use the home as a personal residence, you may be able to stay for the balance of your lease.
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.