Lease stability

Submitted by Avi from NV - 02/16/2010 - 4:38am

If you have a valid lease and the property gets closed on during a short sale, is the lease still valid and transferable ?
Does teh tenant have to vacat ?
How long is the lease valid for ?

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Comments

Submitted by avi - 02/16/2010 - 4:40am

is a lease mandatory to honor by the purchaser of a short sale ?

Submitted by Tom Johnston - 05/07/2010 - 10:48am

Unless there is a provision or clause in the lease to the contrary, leases must be honored by the new owner, i.e. leases go with the property in a short sale or a normal sale.

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