Q: Landlord sold house I'm renting, lease not expired, being asked to sign new lease.
I have rented a house for 6 or 7 years, SECOND time property has been sold without being offered to me. Last landlords did not even tell me about it, got a 1 day notice on my door to pay this month or the new owner (the bank) will change my locks & dispose of all my property). I already sent a check for this month to my previous landlords, which has not been cashed (it better not be either). My lease does not expire for 2 or 3 more months. Sent a new check to the bank for this month, they are asking me to sing a new month to month. Not sure if I should be signing the new one yet when my old one is still valid? If I would have broken the lease I would not have been allowed to how should I handle this? The bank says they want me to buy it and I would like to but I don't think my credit is good enough to get an traditional mortgage loan as they are suggesting. I don't believe the 1955 home would pass inspection for FHA or USDA loan even if I did qualify/have enough for down payment.
A: This question was posted in Arkansas Real Estate but from Kansas City, MO, my answer is based on assumption this real estate is located in Arkansas.
There is no duty of the prior owner to offer the property for sale to the tenant so there is no violation as to that matter.
As to the matter of the new owner wanting you to sign a new month-to-month lease, there are a lot of variables. If you have an active lease it should still be enforceable to the new owner. It is possible that your lease addresses future transactions and voids if sold or some other variable.
Without reading the lease, assuming it is still active, it is very difficult to answer your questions. I would recommend seeking a real estate attorney's advice, licensed to practice in the state of the property.
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