A person who buys rental property does so subject to any existing leases with current tenants. This means that the new owner has purchased your lease and must abide by your lease`s terms. Any change or modification to the existing leases, which the new owner wishes to make, must be done in accordance with the terms of the existing leases. Unless the existing leases contain provisions allowing the owner to terminate or modify, they may not be changed prior to their expiration. If you want to remain a tenant under your lease, you should notify the new owner in writing that you expect him to honor your current lease. The new owner`s cancellation may constitute a breach of the lease. The tenants can challenge this cancellation in court. On the other hand, the tenant can consider the new leases an offer of new tenancy and agree to the terms and conditions of the new lease by signing it. If signed, the new lease will control the terms of the new landlord tenant relationship.
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