Posted by Brian (UT) on October 04, 2005 at 14:26:15:
PJ
Give it up!!!
Advice like that keeps attorneys working. A lease is wiped out in a foreclosure if the foreclosure goes to sale (and was written after the foreclosing parties lien), not if the lender does a short sale, the lender discounting his note doesn’t wipe out the rights of junior lienholders they still have to be dealt with, the lessees rights still exist and if you believe otherwise you will pay someday for this lack of knowledge.
And again the short sale does not wipe out the rights of the optionee, that can only be done by a completed foreclosure sale and again it must be junior to the foreclosed lien.
I suggest you spend some time on studying foreclosure law at the local law library before you shot yourself in the foot on some future deal.
The leasehold runs with the land - Posted by Marc Donovan
Posted by Marc Donovan on October 07, 2005 at 06:52:36:
The leasehold rights run with the land because of the covenant. Thats basic RE law - easy to look up. Just google this and you will find all you care to know. This derives from British Common Law.
You’re missing a a basic point in property law–a buyer who has notice (actual or constructive)of a another party’s legal-interest takes subject to that interest. Here, the new owner must honor the existing lease. Unless the lease allows the new owner/landlord to terminate the lease then he’s stuck with it.
You’re missing a a basic point in property law–a buyer who has notice (actual or constructive)of a another party’s legal-interest takes subject to that interest. Here, the new owner must honor the existing lease. Unless the lease allows the new owner/landlord to terminate the lease then he’s stuck with it.