FORT LAUDERDALE, Fla. – July 2, 2015 – Question: We are renting an apartment, and the unit is in foreclosure. We keep getting notices in the mail about an upcoming foreclosure sale. We still have seven months left on our lease. Will we have to move out sooner? – Geri

Answer: Barring a friendly arrangement with the new owner, you won’t be able to finish the entire lease, but you’ll still get at least 30 days before you have to leave. This is a major change from what the law allowed previously.

Tenants in foreclosure used to be able to finish out their leases or get at least 90 days’ notice to move, but that federal law expired at the end of last year and was not renewed. Since then, most states have passed similar statutes to protect tenants from a surprise knock on the door.

Florida recently passed a law that makes the new owner of the property provide a 30-day notice letter. During this time, you’ll still need to pay rent to the new owner or be evicted earlier.

Before signing a lease, check out the landlord and the status of the property. Follow up on any unusual notices that come in the mail after you move in.

If it does appear that the property may be sold at a foreclosure auction, take steps to secure any advance rent or security deposit that your landlord is holding. Just because the property is foreclosed does not mean you shouldn’t get your deposit back.

After the property is sold, you may want to discuss a new lease or possibly even buying the home from the new owner.

About the writer: Gary M. Singer is a Florida attorney and board-certified as an expert in real estate law by the Florida Bar. He is the chairperson of the Real Estate Section of the Broward County Bar Association and is an adjunct professor for the Nova Southeastern University Paralegal Studies program.

The information and materials in this column are provided for general informational purposes only and are not intended to be legal advice. No attorney-client relationship is formed. Nothing in this column is intended to substitute for the advice of an attorney, especially an attorney licensed in your jurisdiction.

Source: Sun Sentinel