New Investor Just Purchased Our Rental Building

Homeowners around the US expound on the benefits of being able to enjoy an investment that may last and grow over a lifetime, offer tax breaks, and allow better privacy and control over living arrangements. But many—and especially over the last decade—have defected back to the realm of renting, enjoying less responsibility and less financial output for maintenance, repairs, insurance, and more. For the younger set especially, this allows for extended flexibility in timeframe should they decide to move to and check out another area of the country, or the world, or transfer for business reasons.

Lack of security in terms of permanence can also be a problem with renting though. What about that dreaded feeling of worrying you might have to move out before you are ready? Such anxiety often accompanies news that landlords are selling out. Keep in mind though, and especially in California, there are laws to protect tenants; after all, no one wants to see paying residents tossed out with little notice, and especially those who have been paying. There will still be a wait to evict tenants who have not been paying though, with a legal process to attend to. For tenants in good standing, the landlord is obligated to honor their lease agreement—whether it is for a year or whether it is month-to-month.

Despite rules and laws and leases, transitioning from an old landlord (and this may be someone you have been working with comfortably for years) to a new one can be a difficult adjustment in some cases. While your lease may not be threatened, there may be significant changes in the way of doing things for apartment buildings, especially. They may pay less attention to the fine details that made you happy previously—or on the other hand, a new landlord may come in determined to make your living arrangement better than it was before. They may be quick to repair issues that have been long-lasting, and may also be enthusiastic about improving common areas, landscaping, and more. Communication is key in this type of situation, along with the advice of a skilled real estate attorney like Shane Coons if you are truly worried that your rental situation may be uncertain.

Are you in the middle of a landlord/tenant dispute, or do you need help creating or negotiating a commercial or residential lease? Call Shane Coons now at 949-333-0900 or email us at Shane.Coons@seclawoffices.com. We can review your needs for creating a contract, answer your questions, and help you decide how to move forward. We are here to help!

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New Investor Just Purchased Our Rental Building—Can They Kick Us Out?

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