Final answer:
The lease generally continues under its original terms when an apartment complex is sold. The new owner assumes the role of the landlord. Tenants should understand their rights and any potential impacts of property conversions on their housing.
Step-by-step explanation:
If you are renting an apartment and the owner decides to sell the complex, the situation regarding your lease contract can vary depending on the laws of your jurisdiction and the terms of the current lease agreement. Generally, the new owner of the property takes on the responsibilities and rights of the original landlord, and the lease continues under its original terms until it expires.
According to the typical lease clause on termination, either party may terminate the lease by giving a 30-day written notice after the leasing period has concluded. If the premises are sold, it does not necessarily mean that the lease is broken, unless otherwise stated in the lease. The terms of the lease, including any protections or just cause requirements, remain in effect.
In transactions involving the sale of a rental property, it is essential for tenants to understand their rights, which may be obscured in complex lease agreements. If the property transitions to a different use, such as conversion to co-ops and condos, measures like price ceilings may impact both the availability and quality of rental housing, reflecting the economic principle that there are always opportunity costs.