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 they
will be forced to move. How do you answer?
You explain that it depends upon the lease
agreement. If the tenant signed a lease
they have the right to remain in the unit
at least until the end of the lease... longer
if the new owner agrees.
In many cases the tenant signed a lease and
remained after the lease term ended. At that
point their occupancy became a month to month tenancy.
A month to month tenancy can be terminated
merely with the landlord giving notice to the
tenant. The length of the notice may be
governed by state law, but a 30-day notice is
customary.
In another situation the tenants learned that the apartment owner was in default on his monthly mortgage payments and the lender had begun a foreclosure 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:
 |
|
|
RELATED ARTICLES
Does Staging Work?
Staging can involve minimal effort on the part of a seller. Merely rearranging furniture can show a house off to advantage.
San Diego Home Evaluation
The Southern California city of San Diego has all the attractions of a big city with the tropical feel of the coast. Covering nearly 350 square miles with over 1.
Personal Debt Can Disappear When You Set up a New Business
I teach students how to set up a new business name on paper
and then move their personal debt into the business name.This will dramatically improve your personal credit score and
help you make money as a real estate investor.
The Costs of Transforming Your Home into a Buyers Dream House
Turning your house into the home of a buyer's dreams doesn't have to cost a great deal of money. In fact, armed with some paint and the determination to work hard, most home sellers usually need to invest only about $500 to spruce up their homes for a quick sale.
Title Insurance - Examples of Problems and Advice
What is title insurance and why should any buyer get it when purchasing a home (single family, townhouse, condo, apartment, or whatever format your home purchase takes)? Doesn't the attorney or settlement company handling the closing see to it that you have a clear title? Isn't this just another way for someone to siphon a few coins off a real estate transaction?Title InsuranceTitle insurance prevents the property owner from suffering financial loss if, at any time during his ownership of the property, someone comes along who can show that they have full, or partial, ownership of the property instead. Every mortgage lender I'm aware of requires title insurance be purchased to cover the amount of the mortgage.
Subdividing - But NOT Land!
Many people are familiar with the concept of sub-dividing a large piece of property into smaller lots. The same concept can be very profitable in other areas.
Property Investment - What Future For the Biggest Bubble of All Time?
The Economist magazine published a special report in this months issue entitled "House Prices ? After The Fall". Some might call it pessimistic, alarmist, nonsense or worse but only the foolish would choose to ignore the research that comes out of a think-tank with the kind of resources that this highly respected publication has.
What is a Predatory Lender?
Several months ago, the 3,000-member California Association of Mortgage Brokers (CAMB) created the first real definition to describe the abusive lending practices of predatory lenders. According to the CAMB, predatory lending was described as "placing consumers in loan products with significantly worse terms and/or higher costs than loans offered to similarly qualified consumers in the region for the primary purpose of enriching the originator and with little or no regard for the costs to the consumer.
The Real Estate Agent Alphabet
Alphabet Letters after a person's name seem to
bestow some kind of special prestige. PHD, MD,
ESQ are common.
Advantages to Buying or Owning a Condominium
Condos have become an increasingly attractive home ownership option for singles, young couples, families and retired couples (that's just about everybody!). A condo is a viable option for anyone who wants to own a home without the worry of repairs, maintenance and dreaded chores like snow shoveling.
Types Of Real Estate - An Investors Choice
There are different types of real estate, and different ways to invest in them. Which way is best is for you to decide, according to your particular needs.
Buying Your First Investment Property
"Begin With The End In Mind"I first heard the phrase "Begin with the end in mind" in a Steven Covey book called "The 7 Habits of Highly Effective People". This expression makes a lot of sense because the fact is, you can't get where you're going, unless you know where you want to go.
Horses In My Back Yard
Horses In My Back Yard
by Jody Hudson, with Extensive Collaboration From Chris Hudson
HORSE LOVERS: During my thirty years of selling rural land, I have frequently found that folks want some acreage so that they can own and ride horses. They LOVE horses in their own mind but have little if any of the real knowledge or experience necessary to raise one or more horses.
Real Estate Investing with No Cash and No Credit
Lots of folks think it can't be done.How in the world can you buy a piece of real estate property without cash or credit? How is it possible to buy a $50,000 house or a $1 million dollar house if I don't have an abundance of cash or an excellent credit rating?Nothing stops a would-be investor cold in his tracks like "no cash or credit.
The Real Estate Bubble Fallacy
There has been a lot of talk lately about the "Real Estate Bubble", and a lot of folks are asking the question: "When it is going to burst"?They are saying that the market just can't sustain this level of growth and appreciation much longer, and I heat them say that it is inevitable that it must come crashing down soon. People are worried.
Inspecting Your New Home - 17 Areas You Must Inspect Before Taking Possession
Congratulations! You've made your decision; you've chosen your new home and your builder. So what needs to happen next? Once you have a firm contract and you have selected the features that will go into your new home, it is time for the builder to turn your dream into reality.
Selling Your Home? A Warning About Attachments
Before you list you home for sale, determine what you don't want to leave behind.Our friends sold their home for full price and moved out a few days before closing.
Burn, Baby, Burn!
Luxury homes are lots of fun to inspect. Sure, the pay is better too, but mostly it's just fun to see how the other half lives! I also get to meet those people who have reached such a level of financial success that they are buying a home that seems like it could have been a boarding school!One of the fun aspects of inspecting large and expensive homes is seeing furnishing and interior design work at the highest level.
How to Buy a Home When Your in Your Twenties
A Single's Game of Real Estate
(Getting started in your twenties)Due to the fact that most of us grow up in either a rented apartment or our parent's single family home, it stands to reason that most people, when beginning to ask themselves the question of purchasing their own dwelling, will come to the conclusion that a condo or small house is probably the way to go. That's a result of conditioning and it's a hard mindset to break! After taking the time to talk to or personally guide a respectable number of people in their twenties, I have come to find that firm, direct and accurate information can really adjust the reality of how real estate can be acquired and used to their best advantage starting with property that sets the tone for a much more profitable and rewarding future.
Researching Property for Real Estate Investing
Much is being said lately about investments. There are many investments that one could make: stocks, notes, gold, retirement plans, etc.
|