INSIDE LAKESIDE
Log In or Register

Check your spam/junk folder for activation e-mail after you register.

Join the forum, it's quick and easy

INSIDE LAKESIDE
Log In or Register

Check your spam/junk folder for activation e-mail after you register.
INSIDE LAKESIDE
Would you like to react to this message? Create an account in a few clicks or log in to continue.

Does a lease still exist after property is sold?

2 posters

Go down

Does a lease still exist after property is sold? Empty Does a lease still exist after property is sold?

Post by Guest Sat Apr 10, 2010 10:17 pm

I live in a triplex and the absentee owner is considering putting it up for sale. Alll of us are on mutli-year leases. If this property is sold will the new owners be required to honor our leases to their expiration date or will our leases be null and void upon the closing date when the property sells and passes to the new owner? Thank you, Zoey

Guest
Guest


Back to top Go down

Does a lease still exist after property is sold? Empty Re: Does a lease still exist after property is sold?

Post by Intercasa Sun Apr 11, 2010 8:54 am

The leases will still exist as the lease contracts predate the sales contract assuming there is no clause in the lease where your rights are limited or diminished in the event of a sale or transfer.
Intercasa
Intercasa
Share Holder
Share Holder

Posts : 3006
Join date : 2010-04-05
Age : 54
Location : Chapala / Zapopan
Humor : Barbed wit

Back to top Go down

Does a lease still exist after property is sold? Empty Re: Does a lease still exist after property is sold?

Post by juanrey Sun Apr 11, 2010 9:43 am

I see that Zoey mentions a "multi-year" lease, but I remember reading a recent article somewhere that said that leases over 1 year are not defensible. What is your take on multi-year leases, are they legit or not. I'm thinking about when we move that a multi year might be advantageous.
Gracias
juanrey
juanrey
Share Holder
Share Holder

Posts : 809
Join date : 2010-04-04
Location : Ajijic, MX
Humor : George Carlin

https://sites.google.com/site/ouradventureinchapala/

Back to top Go down

Does a lease still exist after property is sold? Empty Re: Does a lease still exist after property is sold?

Post by Guest Sun Apr 11, 2010 2:34 pm

we have a friend that has a 10 year lease in downtown chapala. the landlord is mexican and our friend has lived there for over 3 years.

Guest
Guest


Back to top Go down

Does a lease still exist after property is sold? Empty Re: Does a lease still exist after property is sold?

Post by Intercasa Sun Apr 11, 2010 2:36 pm

Leases over 5 years must be registered in the property registry per state law.
Intercasa
Intercasa
Share Holder
Share Holder

Posts : 3006
Join date : 2010-04-05
Age : 54
Location : Chapala / Zapopan
Humor : Barbed wit

Back to top Go down

Does a lease still exist after property is sold? Empty Re: Does a lease still exist after property is sold?

Post by Guest Mon Apr 12, 2010 3:44 pm

Intercasa wrote:The leases will still exist as the lease contracts predate the sales contract assuming there is no clause in the lease where your rights are limited or diminished in the event of a sale or transfer.

Thanks Spencer, I was not sure if that particular law was the same in Mexico, as in the States, but it appears that it is. Let me throw an addition ringer into the pool. What if the lease was not siged by the owner, but rather bya person whom she had designated as her agent, although that person has nothing in writing. This is an individual, not a company. My guess is that all of our leases should be sent to the States for the owner's signature to protect ourselves, if they would do so at this stage of the game. What are your thoughts? Thanks, Xoey

Guest
Guest


Back to top Go down

Does a lease still exist after property is sold? Empty Re: Does a lease still exist after property is sold?

Post by Guest Mon Apr 12, 2010 3:46 pm

Intercasa wrote:Leases over 5 years must be registered in the property registry per state law.

I knew there was a reason that leases in exess of five years were tough to get, thanks for explaining why. We are all on five years leases and now I know the reason. Zoey.

Guest
Guest


Back to top Go down

Does a lease still exist after property is sold? Empty Re: Does a lease still exist after property is sold?

Post by Intercasa Mon Apr 12, 2010 4:24 pm

The person signing the lease should be authorized to do so in writing if the owner doesn't sign it or you may be able to invalidate the lease.

Here is the civil code cite:

Artículo 2039.- El arrendamiento por tiempo determinado de inmuebles destinados a habitación, no podrá exceder de 15 años.

Cuando este tipo de arrendamiento exceda de cinco años, deberá ser inscrito en el Registro Público de la Propiedad.
Intercasa
Intercasa
Share Holder
Share Holder

Posts : 3006
Join date : 2010-04-05
Age : 54
Location : Chapala / Zapopan
Humor : Barbed wit

Back to top Go down

Does a lease still exist after property is sold? Empty Re: Does a lease still exist after property is sold?

Post by Guest Mon Apr 12, 2010 7:35 pm

Intercasa wrote:The person signing the lease should be authorized to do so in writing if the owner doesn't sign it or you may be able to invalidate the lease.

Here is the civil code cite:

Artículo 2039.- El arrendamiento por tiempo determinado de inmuebles destinados a habitación, no podrá exceder de 15 años.

Cuando este tipo de arrendamiento exceda de cinco años, deberá ser inscrito en el Registro Público de la Propiedad.

Exactly what I thought. Thanks, Spencer. Zoey

Guest
Guest


Back to top Go down

Does a lease still exist after property is sold? Empty Re: Does a lease still exist after property is sold?

Post by Sponsored content


Sponsored content


Back to top Go down

Back to top

- Similar topics

 
Permissions in this forum:
You cannot reply to topics in this forum