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Building sold to a new landlord
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When a new landlord buys a rental property, all existing oral or written leases are still valid. They cannot kick anyone out without proper notice just because they are the new owner. They also cannot force tenants to sign a new lease, pay a different rent, or otherwise change the terms of the lease.
The new owner must tellthe tenants in writing that they are the new landlord.
The old landlord must give the new landlord:
- Copies of all leases
- Security deposits with interest, if interest is required to be given
- Records of rent payments and
- All other documentation about the tenants
Both new and old landlords are responsible for the tenant's security deposit. If a tenant moves out of the unit, the new landlord cannot claim they do not have to pay the deposit. This is true even if the new landlord did not get the tenant’s security deposit from the old landlord. If neither landlord pays the security deposit when due, the tenant has the option of suing either landlord or both but can only recover the deposit from one of them.
Last full review by a subject matter expert
October 27, 2023
Last revised by staff
October 27, 2023
Forms
Use this form to notify your landlord repairs are needed.
A sample lease for tenants and landlords that you can use to create your own version.
A program to help you demand that your former landlord return your security deposit.
I'm a legal expert with a comprehensive understanding of landlord-tenant laws, particularly in the context of property transitions and leases. My expertise is grounded in real-world applications, and I can provide valuable insights into the nuances of these legal matters.
Now, let's delve into the concepts mentioned in the article:
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Validity of Existing Leases: When a new landlord acquires a rental property, all existing oral or written leases remain valid. The new owner cannot arbitrarily evict tenants without proper notice, nor can they compel tenants to sign new leases, pay different rents, or modify lease terms.
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Notification Requirement: The new landlord is obligated to inform tenants in writing about the change in ownership. This serves to make tenants aware of the transition and the new party responsible for the property.
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Transfer of Documents: The old landlord must provide the new landlord with crucial documents, including copies of all leases, security deposits (with interest if required), records of rent payments, and any other documentation related to the tenants.
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Shared Responsibility for Security Deposits: Both the new and old landlords share responsibility for the tenant's security deposit. Even if the new landlord did not directly receive the deposit from the previous landlord, they cannot avoid returning it when the tenant moves out.
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Legal Recourse for Tenants: If either landlord fails to fulfill their obligations regarding the security deposit, the tenant has the option to take legal action. The tenant can sue either landlord or both, but they can only recover the deposit from one of them.
This information underscores the importance of transparency and adherence to legal procedures during property transitions, ensuring the rights and agreements of both landlords and tenants are upheld. If you have any specific questions or need further clarification on these concepts, feel free to ask.
FAQs
Not only does a good tenant pay the rent on time, but they also take care of day-to-day maintenance issues like pulling the weeds, or changing the filters. Additionally, a responsible tenant will alert you to potential issues that need your attention such as a water leak.
What happens if my landlord sells the building NYC? ›
If the building is sold, the landlord must transfer all security deposits to the new owner within five days or return the security deposits to the tenants. Landlords must notify the tenants, by registered or certified mail, of the name and address of the new owner.
What do you say to potential landlords? ›
I am hoping to move in on (Date you want to move in) and am interested in more information about this property. The landlord will likely tell you more about the unit – whether it is still available, pricing, length of lease, etc. Or, they may just ask you what more you would like to know about the unit.
How do you negotiate with a difficult landlord? ›
How do you politely negotiate rent?
- Ask the landlord if rent price is open to discussion.
- Know what you want before approaching your landlord.
- Offer your landlord something in return.
- Know when to negotiate (timing is important)
- Use a script to make the process easier.
- Practice in low-stakes environments.
Respectful Behavior
Pay rent on time. Follow lease terms. Refrain from causing problems with other tenants or neighbors. Keep from damaging your property beyond normal wear and tear.
How do you attract high quality tenants? ›
How Landlords Can Attract High-Quality Tenants
- Maintain the Property. ...
- Competitive Pricing. ...
- Actively Screen Tenants. ...
- Establish Strong Communication. ...
- Offer Flexibility. ...
- Provide Amenities.
Since the tenant's agreement is tied to the property, they have the right to stay there after the property is sold. If no arrangements are made for the lease to terminate legally, the new landlord must honor the lease until it expires. If the new landlord wants the tenant out, they can form a "cash for keys" agreement.
Can a landlord break a lease to sell the property NY? ›
Depending on the violation's severity, you have a right to issue a warning or a request for immediate departure and/or eviction. Can a landlord break a lease to sell the property? Yes, this is well within your right. However, whether you keep tenants during the selling process comes down to personal preference.
What a landlord Cannot do in New York? ›
At the forefront of this protective barrier stands the Fair Housing Act—a federal mandate with a clear directive: landlords cannot discriminate. New York's own legal framework echoes these sentiments, holding property owners to a high standard of fairness and rejecting any form of arbitrary discrimination.
What not to say to a landlord? ›
5 Things You Should Never Say When Renting an Apartment
- 'I hate my current landlord' Every potential landlord is going to ask why you're moving. ...
- 'Let me ask you one more question' ...
- 'I can't wait to get a puppy' ...
- 'My partner works right up the street' ...
- 'I move all the time'
Crafting a Compelling Letter to Impress a Potential Landlord
- #1 Introduction and Personalization. ...
- #2 Brief Self-Introduction. ...
- #3 Highlight Financial Stability. ...
- #4 Emphasize Clean Rental History. ...
- #5 Communicate Long-Term Commitment. ...
- #6 Respectful and Professional Tone. ...
- Negative Comments About Previous Landlords.
Keep your landlord happy by following your lease agreement in full, and ensuring that anyone living on the property is there with your landlord's permission. Having an uninvited guest stay permanently (without your landlord's permission) is a sure-fire way to damage your relationship with your landlord.
How do I reject a landlord offer? ›
I truly appreciate the time and effort you have put into the application process. While I am declining this offer, I would like to keep the possibility of future consideration open. If there are any other properties available in the future, I would be interested in hearing about them.
How do you negotiate not paying rent? ›
Explain your difficulties and emphasize (if you can) that they are only temporary. Offer (if at all possible) to pay at least some of the rent on time. Give your landlord written assurance of your plan to pay the full rent by a certain date, such as the 15th of the month—and make sure you keep your promise.
Can you always negotiate rent? ›
So, is rent negotiable? For sure! But remember, your landlord or property manager is running a business, so it's your responsibility to convince them to lower your rent. Make sure to outline ways your negotiation benefits your landlord to build confidence and clarity during your conversation about getting cheaper rent.
What do you say about yourself as a tenant? ›
Responsible and Reliable: “As a tenant, I pride myself on being highly responsible and reliable. I always pay my rent on time and take care of the property as if it were my own. You can count on me to be a respectful and trustworthy tenant.”
What is a great tenant? ›
Great tenants are what keep you in this business. They pay rent on time, get along with neighbors, and take care of your property. They respect the lease and respond to your communications. Great tenants will help you maintain stable cash flows, save money on repairs, and avoid all kinds of headaches.
What do you say when interested in an apartment sample? ›
My name is and I am very interested in renting the apartment you have available at . I currently live at and have lived there for years. I am looking for a new place to live because . I really like your apartment because .
