Foreclosure Law For Tenants
May 12th, 2009
Foreclosure Law For Tenants
Question: How long can I live in my rented unit after foreclosed property is sold again by auction buyers?
I live in a rented townhouse in Dublin, Ca and the owner was just foreclosed on in Oct. The place was bought at auction by an investor who wants to turn around and sell it again right away. My lease is thru Jan. 31 so I know I should have until then with the Protecting Tenants at Foreclosure Act. I'm not sure how I would be affected though if the place is indeed sold again before the end of my lease. Would that new owner be able to boot me out sooner if they want to move in? Can the property even be sold again if the law says I have until the end of my lease if bought by someone not wanting to move in as their primary residence? The brokers for the investor who bought it at auction want to have an open house soon and I need to know how this can affect me. They are looking to resell very quickly. Any knowledgeable insight would be very helpful, thanks.
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Answer: Your lease goes with the property. Any buyer is required to keep you til the end of your lease. After that they can give you 30 days notice if they choose. If they want to live in what they buy then they need to buy something that is not rented!
Shirley Gibson on Landlords in Foreclosure
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