If property is sold, must new owner honor lease?

If property is sold, must new owner honor lease? by Anonymous on January 21, 2015 @13:25

We've got an apartment that's currently rented to good tenants. We intend to put our place (including the apartment) on the market next year. The tenants want us to put a clause in the lease stating that the new owners must honor the lease (and not ask them to move). But from what I can find online, that seems to already be the law. Anyone know?

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Re: If property is sold, must new owner honor lease? by Katiekate (New York) on January 21, 2015 @14:16	[ Reply ]

Yes it is the law But, since it is a year away...I would seriously consider not having a tenant under a lease more than month-to-month. Many buyers do not want a tenant in place. Most buyers want the option to get the place empty. Why cut yourself off from the market? Buyer can always decide to write a lease with them. I myself have bought rentals with a year lease in place..I would not do it again

Re: If property is sold, must new owner honor lease?

If property is sold, must new owner honor lease? - Landlord Forum thread 330181