Q: If a property management company closes and assigns the lease to a new co. do the lease terms still apply?
New company is increasing the rent, and required me to apply to qualify. They came back to me saying they are going forward with a new lease with a term of 15 months instead of honoring my existing lease term (expires in 2 months) and my existing rental amount. I cannot understand how a legally binding contract can be changed without consent of both parties? Any help you can provide would be great appreciated. Thank you
A: One party to a lease has no right to change the terms of the lease unless the other party to the lease agrees in a written amendment to the lease.
Tim Akpinar agrees with this answer
1 user found this answer helpful
A:
Whoever purchases rental property takes the property as is, i.e., with any existing lease. Translation: New owners cannot disturb the terms of an existing lease. So, I would be very surprised to learn that Virginia allows a mere new management company to do something that a new owner cannot do.
Go back a review the new lease terms to make sure they are not just renewing your old leas the day after it expires.
They can do that. And they can impose new terms and restrictions in a NEW lease. So if you do not want a 15 month lease to replace your annual lease now would be a great time to tell them that. But if they say no, you will either have to accept the new terms or move.
1 user found this answer helpful
A: Your lease is binding on the new owner. You may want to get a lawyer to review what the lease actually says and then remind them of that. Sounds like a bluff to me. But, in Virginia, you might want to plan to move when your lease is up.
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