Q: If my apartment complex is sold to a new owner, am i required to sign a new lease?
I have lived in my apartment for 7 months and i have signed 2 leases during that time (my lease is for 12months). The second time i sign lease it was due to the property being sold to a new owner, which it was sold again to a new owner (who i have no information about). Since my complex was sold 3x and i required to sign a new lease whenever the property was sold to the new and existing owner?
A:
No, you are not required to sign a new lease.
If the new owner purchased the complex with prior knowledge of your lease, the new owner can simply step into the shoes of the old owner as your landlord under the terms and conditions of your current lease.
The new owner may ask you to sign a new lease, but you are under no obligation to do so. The new owner is also not obligated to renew your lease at the end of the current lease term, but may do so. While you can holdover on a month-to-month basis under the terms and conditions of your lease, that opens you up to being evicted upon 30 days prior notice.
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