Once the sale is completed, nothing in the contract of your lease changes. The third party who now owns the home is now your new landlord and is responsible for your lease in the same manner you would expect from your previous landlord. However, as the tenant you must now be aware of your new landlord’s intentions. If your new landlord wants to terminate your lease, he cannot do so until your lease end-date. However, you must be aware that this will depend on what kind of lease contract you have. If you have a month-to-month leasing contract, the new landlord can end the lease at any point as long as he gives notifies you of this at least 30-days before. If you have a fixed leasing contract, the landlord does not have the right to evict you until the end of your contract. The new landlord will also have an obligation to return the security deposit you paid the previous landlord.
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