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just bought home but still in rental lease until September.

just bought home but I'm still in rental lease til september, the home we currently live in just got bought by different owners and now we have different landlord. what are the consequences if i forgo paying my rent? i know they can evict us and possibly sue us for back rent but is that all that happens? will this affect my credit or my new home?

any advice would help

 
  • June 05 - Tracy
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Answers (4)

Hello 505,

Sunny is correct the lease survives title transfer.   Your security deposits were supposed transferred to the new owner where they are to be placed in an escrow account.

Continue to pay the rent as agreed.  If you failed to pay you could end up in small claims court and a judgment and a lien against your person which is a real pain in the hind side.

@ Brad,

Welcome to real estate.  Landlord-Tenant laws may vary from state to state but there are certain aspects that are universal.   Lease survival is one

  • June 05
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@Brad - as much as i wish this to be true i don't believe it is, when i originally spoke to the previous owner and asked him what would happen to my lease he said " its iron-clad" all terms remain the same with new owner until lease is up. i much rather we can be out asap but not sure we can.

@sunnyview - i don't want to just up and move with out notifying new owner or working something out. my problems going to come with the fact that i might have to pay both rent and new mortgage payment for at least 2 months and that's going to be a little difficult. if i cant do both im obviously going to opt to pay my mortgage instead of rent. i read that in most cases in california the landlord has to be active in finding a new tenant and that in most cases the landlord only gets awarded 1 months rent plus fees to advertise/re-rent the house, since i only have 3 months left on lease ( its up at end of august ) i wonder if the new landlord would be kind enough to understand.
 
  • June 05
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"So you are now are tenants of the new landlord with no rental agreement or lease. "
 
@Brad Really? I had read that unless the lease stated something different that existing leases in California survived the sale even in cases of foreclosure or short sale. Is that not the case?

@505 You cannot live in a property without paying rent unless you want to risk an eviction on credit report, a possible credit ding and judgement for owed rent/damages. Those may be unlikely to come home to roost before you close a traditional escrow,but they will follow you afterwards. 

If you do not want to rent from the new landlord, ask if they will allow you to move out with 30 days notice at the close of your new home escrow and make arrangements to get your deposits back when you do vacate.
  • June 05
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It should be easily solved. Your old lease was with the previous owner. So you are now are tenants of the new landlord with no rental agreement or lease. Talk to the new owner and work something out. You should be able to move with very little extra $ going to your rental home. Congratulations on the purchase! - Brad
  • June 05
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