Q: In TN, am I required by law to sign a new lease if my rental property is sold? I have 16 mo left on a 24 mo lease
Based on the reply I received, I need to add more details. There is no clause in the 2-year lease that says the lease is voided if the property is sold. The new owners are buying the house as an investment with full understanding and agreement as part of the purchase that there is a current tenant who will remain.
The question is: is there a law in TN that requires me (tenant) to sign a new lease that contains the name of the new owner once the property is sold, or does the current lease convey as is? It is my understanding that the lease is tied to the property, not the owner. Like when an apt building is sold, the current tenants are not required to sign new versions of their lease with the name of the new mgmt company owner. I know I can agree to sign a new lease, but I am not required to do so. Is that correct by law? Thank you
A: Maybe. You should check the terms of your lease. Sometimes there is a termination on sale clause. If not, the new owner would buy the property subject to the lease.
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