Consumption and Real Estate
If a new realty company takes over your lease from another realty agency do they have to do a new lease?
Question : If a new realty company takes over your lease from another realty agency do they have to do a new lease?
I live in a home and the realty company who had the lease i signed does not have the property anymore, a new realty company took over the lease. I decided to move which is breaking the lease from the “old” realty company..i never signed a new lease with the “new” realty company, can i be held for penalties etc in the old lease? I was never notified until i attempted to pay the rent a new realty company took the property over, the new realty company never even notified me. I have heard that when a new realty company takes over a property they have to give you the option to sign a new lease or you have the op0tion to move. I live in Kentucky so the laws would need to apply to Kentucky real estate laws. Can anyone help me, they are trying to charge me four thousand dollars.
realty sign company
Best answer:
You heard wrong. The new company takes over the existing lease. NOTHING changes, except ther person to whom you pay the rent. The rent stays the same, the duration of the lease stays the same, and your obligations stay the same. Now, you & the new company may sign a new lease if you two mutually agree to do so. But otherwise the prior lease is valid & effective.
You don’t provide enough facts to determine whether the $ 4000 is appropriate. You are responsible only for breach of contract damages, which could be far less than $ 4000 depending on the circumstances. For instance, if the company was able to re-rent the home in one month, so that the home was vacant for only one month, then the company’s damages are loss of only one months rent, which is the maximum you would be responsible for.