FAQ: My apartment complex was sold. What happens to me now?

Authored By: Georgia Legal Services Program® LSC Funded

FAQ: My apartment complex was sold. What happens to me now?

The apartment complex where I live changed owners last month. The new owners have notified all tenants that the old leases are cancelled and have given us new leases to sign within thirty (30) days or vacate. The new leases have higher rents and different rules. I had five more months on my old lease. Can the new owners do this?  

Generally, a person who buys rental property does so subject to any existing leases with current tenants. This means that the new owner, who purchased your rental property, must abide by your lease's terms. Any change or modification to the existing lease, which the new owner wishes to make, must be done in accordance with the terms of the existing lease. Unless an existing lease contains language allowing the owner to terminate or modify, the lease may not be changed prior to its expiration. If you want to remain a tenant under your lease, you should notify the new owner in writing that you expect him to honor your current lease. On the other hand, a tenant can consider the new lease as an offer of a new tenancy and agree to its terms and conditions by signing the new lease. If signed, the new lease will create a new landlord tenant relationship. Different rules apply when a property is purchased at a foreclosure sale.

Last Review and Update: Jul 25, 2011