Risks involved with elderly landlords?

[stewwells]

I am looking at an apartment rental offered by a VERY old landlord.

What are the risks associated with renting a place from someone like this? If he dies, is the lease passed on to next of kin, or is it nullified altogether? What if there is no next of kin?

I know there are many scenarios, but any insight into the kinds of problems I may face are appreciated.

 

[Gail_in_Georgia]

The risks from renting from an elderly landlord are the same as a landlord renting to an elderly tenant. Either one might die during the tenancy.

If a landlord dies and has a will, the executor will handle the estate, including the rental. Family members may keep the place as a rental or, once the legal matters are cleared up they may place the unit on the market to try to sell it. They might even offer it to you to purchase if no one wants to take on the role of landlord.

Gail

 

[stewwells]

And if there's no will? How is the lease handled? Just looking at worst-case scenarios.

 

[Gail_in_Georgia]

The probate court in your area would assign an executor to the estate. This is often a long, drawn out process; your lease would typically end before this whole business was concluded.

 

[stewwells]

Thank you, Gail.