A common question that we get has to do with the status of a lease in the event of the sale of the property. The quick answer is that the property can sell a hundred times, and the lease will survive. When a tenant rents a unit, the tenant has a full right to use that unit for the period of time as defined in the lease agreement. While it is not a right of ownership, it is a right of use, and this right is strong and recognized under law. All terms and conditions of the lease will continue when only the ownership changes. Can the rights of the tenant and landlord be modified by contract? Absolutely, and often leases are prepared which do in fact terminate upon the sale of the premises.
Reprinted with the permission of the Law Offices of Heist, Weisse, Davis & Wolk
JCG Property Management is a Fort Lauderdale based company. Janice Gomez is a licensed Realtor with Coldwell Banker, 910 SE 17th Street, 33316. For additional information on rentals, sales and purchases of real estate, call 954.847.1126 or visit http://www.fortlauderdalepropertymanagement.com
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