Tenants rights when property is being foreclosed

[MelissaRicci]

I signed a 2 year lease about 6 months ago and my landlord put the property up for quick sale recently. He said that he put it on the market to get the property appraised, but we think he is actively trying to sell it before it gets foreclosed on. My question is... can we legally break the lease and move if he sells the property or before it goes back to the bank?

 

[Gail_in_Georgia]

Tenants who face rental foreclosures now have federal protection against facing sudden eviction should their rental unit go into foreclosure. Attached is a description of the 2009 law that provides them at least 90 days after a foreclosure to find another place to live:

http://www.nolo.com/legal-encyclopedia/article-30064.html

When a property is sold, a lease "rolls over" to the new owner; in other words, it continues to remain in effect. Can the tenant and the new owner negotiate whether this lease is to continue? Certainly. A "cash for keys" deal (where the new owner pays the current tenant to assist with the moving costs) isn't all that unusual if a rental is sold and the new owner wishes to move in there themselves.

Gail