Rental Being Sold

Q. We signed a one-year lease for our apartment and now the owner has notified us that the building is being sold. What are our rights and can our new owner raise the rent?

A. Ownership of your apartment building is going to change however, the terms of an existing lease generally will be honored by both the new and existing owners when your unit is being sold. The new landlord cannot raise the rent prematurely, nor can a tenant use the sale as an excuse to break the original rental contract or renegotiate its terms. If you need additional information on this, contact your local consumer affairs department before your lease expires.

Posted by Donald Urschalitz P.A. at June 21, 2004 04:42 PM