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Old 05-21-2007, 06:11 PM
jaydub jaydub is offline
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Join Date: Dec 2004
Posts: 2,055
Default Re: Housing/lease situation

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The lease typically runs with the house. Therefore, nothing in the terms of the lease should change. The new owner buys the house subject to the terms of the lease - just like any other encumbrance on the house (easement, etc.)

Just make sure there is no funky clause in the lease, which cancel the lease in the event of a sale and timely notice or something like that (even then you may have an argument to get around this as it is probably against public policy).

Most leases can be fairly straight forward - read it and see if it says anything about the sale or transfer of the property by the owner. If not, then there should not be any problems.

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I will add since you suspect she is upside down, a foreclosure is the exception to this general rule. The bank can and will kick you out if they foreclose.

J
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