Who does my lease belong to if my apartment complex was sold?
I live in Houston tx and have been with Equity Residential properties for over 3 years now. They just sold one of their properties in Houston (that I live in ) to another residential company. They tell me that if I want to transfer to another city I have to do it through the new company and not with Equity Residential whom my contract is with. Is this, legally, how it is done? When a company buys out a residential property is your contract automatically included without any say from the resident themselves?
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5 Responses to “Who does my lease belong to if my apartment complex was sold?”
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November 14th, 2009 at 5:13 pm
Yes. You are renting a portion of the property, not a portion of the company. Not having lived in a property owned by a big multi-city operation, I am surprised to hear of intercity transfers (I assume that means you do not have to pay deposit again).
November 15th, 2009 at 10:00 am
Short answer…Yes.
It’s just like when your mortgage gets sold to a new company…you have no say in it. The new company is required by law to abide by the terms of the existing lease though. They can’t just buy the place and jack the rent up. When your lease comes up for renewal they can raise the rent and change the terms at that point.
November 16th, 2009 at 1:59 am
If the property in which you live is sold your lease transfers to the new company. It is an asset of the purchase and also protects you. The fact that the complex is sold has no effect on your agreement with them. All the terms and conditions remain the same.
November 19th, 2009 at 4:58 am
the lease goes with the property unless they want to offer you compensation to leave earlier then the expiration of the lease
November 20th, 2009 at 12:23 am
until its due for renuall, key word…..
new company.