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I've never had this issue with the rentals we've bought, it's just a hypothetical that I'm curious about.
Let's say a landlord is selling a rental, and a tenant is behind on rent by a month, and the landlord hasn't proceeded with any notices/unlawful detainer action. Once the landlord sells the property, does the new landlord have any right or ability to demand the rent that was owed to the previous landlord, prior to this new owner owning the place? Or does the previous owner just forfeit the right to that rent money, and the new owner only worries about rent that is late after the purchase is complete?
I've never had this issue with the rentals we've bought, it's just a hypothetical that I'm curious about.
Let's say a landlord is selling a rental, and a tenant is behind on rent by a month, and the landlord hasn't proceeded with any notices/unlawful detainer action. Once the landlord sells the property, does the new landlord have any right or ability to demand the rent that was owed to the previous landlord, prior to this new owner owning the place? Or does the previous owner just forfeit the right to that rent money, and the new owner only worries about rent that is late after the purchase is complete?
New owner acquires all rights and responsibilities of the old owner, so yes, they could pursue the tenant for past due rent.
Proving it might be logistically difficult, depending on the circumstances.
You owe the rent. The details of that depend on the sale agreement, the original owner may have transferred the rights to the past due monies-in which case the new owner is owed, otherwise the old owner is owed, and no, he hasn't "forfeited" the right to be paid the money the renter owes.
Depends on the agreement between the previous owner and the new one. If the new LL takes the contract as-is, he has now acquired the debt, and he can collect on it, evict based on it, etc.
For the former LL to retain the right to sue over the money currently owed, this would have to be agreed upon by the parties (new LL and old LL). I don't see this as being prudent. The right to evict on the current rent due would be too murky. Seems to me the new LL couldn't evict for rent owed until the next month, on rent owed to him, as opposed to rent owed to the previous owner.
Or at least that's how I understand contract law to work.
Basically the money owned to the previous owner is non of your business unless different described in your purchase contract. At the start of you taking over the rent is due to you and if there is a security deposit and/or last month rent than that will need to transfer.
The previous owner can't with held last month rent from you even though he is owed rent. If he wants to collect than that is between tenant and previous owner.
I am trying to do a 1031 exchange and the house I am buying has a dead beat tenant in it. The old owner is only now serving her a 30 day notice. How long will it take to get her out. What if she doesn't get out before my 6 months time to purchase. If I agree to keep dead beat tenant can eviction monies be put into escrow to evict the dead beat tenant at a later time.
I am trying to do a 1031 exchange and the house I am buying has a dead beat tenant in it. The old owner is only now serving her a 30 day notice. How long will it take to get her out. What if she doesn't get out before my 6 months time to purchase. If I agree to keep dead beat tenant can eviction monies be put into escrow to evict the dead beat tenant at a later time.
I am trying to do a 1031 exchange and the house I am buying has a dead beat tenant in it. The old owner is only now serving her a 30 day notice. How long will it take to get her out. What if she doesn't get out before my 6 months time to purchase. If I agree to keep dead beat tenant can eviction monies be put into escrow to evict the dead beat tenant at a later time.
I wouldn't "escrow" anything - it's a non-performing asset & the purchase price should reflect that, not the escrow account. If the current owner wants retail pricing for a performing asset, they need to bounce the tenant themselves before closing. If not, they need to reduce the price significantly for the risk you're assuming.
Hi. I need so advice. I went to landlord tenant court in Queens, NY for a non payment case. The old Landlord sold the building in March of 2016, and I owed him 3 months rent from 2015. Now the new Landlord is trying to collect. Is there an expiration time where he can't go after me for the old rent?
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