Landlording And Other Aggravations

Here's the gripping story...

You are the landlord of a small apartment building that you are offering for sale. You find a buyer and a sale is arranged.

The tenants learn of the sale and ask if theywill be forced to move. How do you answer?

You explain that it depends upon the leaseagreement. If the tenant signed a leasethey have the right to remain in the unitat least until the end of the lease... longerif the new owner agrees.

In many cases the tenant signed a lease andremained after the lease term ended. At thatpoint their occupancy became a month to month tenancy.

A month to month tenancy can be terminatedmerely with the landlord giving notice to thetenant. The length of the notice may begoverned by state law, but a 30-day notice iscustomary.

In another situation the tenants learned that the apartment owner was in default on his monthly mortgage payments and the lender had begun aforeclosure action.

All the tenants had time remaining on their apartment leases and they had no intention of moving.

Bad news for the tenants... real property foreclosure law states that junior liens and leases are extinguished by a foreclosure.

This means tenant leases do not have to be honored by whomever buys the property at the foreclosure auction.

The tenants will receive due process by receiving a notice to vacate and if they don't move they will face an evicton lawsuit.

About The Author

Mark Walters is a real estate investor and author. His published works can be found at his web site: http://www.CashFlowInstitute.com

MORE RESOURCES:

German Stocks Fall Most Since January; Hypo Real Estate Slumps - Bloomberg

table border=0 width= valign=top cellpadding=2 cellspacing=7trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://news.google.com/news/url?sa=Tct=us/0i-0fd=Rurl=http://news.bbc.co.uk/2/hi/business/7653317.stmcid=1251970064ei=aGTqSIyTFpLmyAT0r7lMusg=AFQjCNESPNtndZzRoOTZFFWUszGk5K3y6Aimg src=http://news.google.com/news?imgefp=FuNvMoC2FvAJimgurl=newsimg.bbc.co.uk/media/images/45079000/jpg/_45079496_bccf7161-22b0-45f7-9387-493d8faa70dc.jpg width=80 height=60 alt= border=1brfont size=-2BBC News/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://news.google.com/news/url?sa=Tct=us/0-0fd=Rurl=http://www.bloomberg.com/apps/news%3Fpid%3D20601100%26sid%3DapMYnS6j53Zk%26refer%3Dgermanycid=1251970064ei=aGTqSIyTFpLmyAT0r7lMusg=AFQjCNEa5j3SvBsXQUFFTwcZiEMls690LgGerman Stocks Fall Most Since January; Hypo bReal Estate/b Slumps/abrfont size=-1font color=#6f6f6fBloombergnbsp;-/font nobr2 hours ago/nobr/fontbrfont size=-1Hypo bReal Estate/b, the nation#39;s second-biggest commercial- property lender, tumbled 37 percent as the government and the country#39;s banks and insurers agreed b.../b/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/0-1fd=Rurl=http://www.youtube.com/watch%3Fv%3DZz0F4-iutWccid=1251970064ei=aGTqSIyTFpLmyAT0r7lMusg=AFQjCNGyhSahYvXD2ey-XWC1L9nOcs6GAwVideo: Wall St.#39;s worst week in 7 years/a font size=-1 color=#6f6f6fnobrReutersVideo/nobr/fontobject width=448 height=356param name=movie value=http://www.youtube.com/v/Zz0F4-iutWc/paramparam name=wmode value=transparent/paramembed src=http://www.youtube.com/v/Zz0F4-iutWctype=application/x-shockwave-flashwmode=transparentwidth=448height=356/embed/objectbr/fontfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/0-2fd=Rurl=http://www.marketwatch.com/news/story/hypo-real-estate-tripped-funding/story.aspx%3Fguid%3D%257B2B1A4778-8429-4E11-88E0-96FD0D888991%257D%26dist%3Dmsr_1cid=1251970064ei=aGTqSIyTFpLmyAT0r7lMusg=AFQjCNGuaKkQmirsJXG4qra87RdYYNSOvwHypo bReal Estate/b tripped by funding strategy/a font size=-1 color=#6f6f6fnobrMarketWatch/nobr/font/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/0-3fd=Rurl=http://www.dw-world.de/dw/article/0,2144,3692522,00.htmlcid=1251970064ei=aGTqSIyTFpLmyAT0r7lMusg=AFQjCNExA76QegO5ChQIXNBgDwNeCXziWgGermany Rescues Hypo bReal Estate/b/a font size=-1 color=#6f6f6fnobrDeutsche Welle/nobr/font/fontbrfont size=-1 class=pa href=http://news.google.com/news/url?sa=Tct=us/0-4fd=Rurl=http://www.marketwatch.com/news/story/german-officials-move-save-hypo/story.aspx%3Fguid%3D%257B99F9DBD1-3CCB-4FD9-A31D-248BFE852C56%257D%26dist%3Dmsr_1cid=1251970064ei=aGTqSIyTFpLmyAT0r7lMusg=AFQjCNHeu5t1eC3rSBawpJIFcW7OzDr6FgnobrMarketWatch/nobr/anbsp;- a href=http://news.google.com/news/url?sa=Tct=us/0-5fd=Rurl=http://www.marketwatch.com/news/story/germany-moves-rescue-hypo-real/story.aspx%3Fguid%3D%257BD97E28E7-42B0-4DE5-B730-13B59C349C04%257D%26dist%3Dmsr_1cid=1251970064ei=aGTqSIyTFpLmyAT0r7lMusg=AFQjCNEU85ysEsjLa3QtZR5tk32160UVmwnobrMarketWatch/nobr/a/fontbr/font class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1251970064hl=ennobrall 2,237 news articles/nobr/a/font/div/font/td/tr/table

Real estate roundup: BPA leases Vancouver space - Bizjournals.com

table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://news.google.com/news/url?sa=Tct=us/1-0fd=Rurl=http://www.bizjournals.com/portland/stories/2008/10/06/daily2.htmlcid=1254855186ei=aGTqSIyTFpLmyAT0r7lMusg=AFQjCNG5AA6ZhhiI25Uy4zvUk4Nbs7MdYwbReal estate/b roundup: BPA leases Vancouver space/abrfont size=-1font color=#6f6f6fBizjournals.com,nbsp;NCnbsp;-/font nobr1 hour ago/nobr/fontbrfont size=-1New amp; Neville bReal Estate/b Services represented Cricket. •Foam Street Investments LLC purchased The Parkview Apartments, a 104-unit complex at 7808 NE 12th b.../b/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/1-1fd=Rurl=http://www.heraldtribune.com/article/20081006/ARTICLE/810060402/2058/NEWS%3FTitle%3DReal_estate_dealscid=1254855186ei=aGTqSIyTFpLmyAT0r7lMusg=AFQjCNGXk4BAQHQxyA-fysD9Uh6KeS0O8QbReal estate/b deals/a font size=-1 color=#6f6f6fnobrSarasota Herald-Tribune/nobr/font/fontbrfont class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1254855186hl=ennobrall 4 news articles/nobr/a/font/div/font/td/tr/table

Blumberg Capital Partners Completes Two-Year Real Estate ... - MarketWatch

Real estate wrap: Rowan opens first building at technology park - Bizjournals.com

Commercial real estate feels pinch - Minneapolis Star Tribune

The 2008 Real Estate Review Is the Most Comprehensive Guide to the ... - MarketWatch

Analysts cautious commercial real estate outlook - Forbes

Hypo Real Estate, Deutsche Bank, Metro: German Equity Preview - Bloomberg

Japan Stocks Fall on Hypo Real Estate Bailout, US Job Losses - Bloomberg

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Bank exposure to real estate sector climbs by 5.2% in June - BusinessWorld Online

Real-Estate - Google News

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