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Does a lease still exist after property is sold?

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Does a lease still exist after property is sold?

Post by Guest on Sun Apr 11, 2010 12:17 am

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

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

Post by Intercasa on Sun Apr 11, 2010 10:54 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.
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Re: Does a lease still exist after property is sold?

Post by juanrey on Sun Apr 11, 2010 11:43 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
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Re: Does a lease still exist after property is sold?

Post by Guest on Sun Apr 11, 2010 4:34 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.

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

Post by Intercasa on Sun Apr 11, 2010 4:36 pm

Leases over 5 years must be registered in the property registry per state law.
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Re: Does a lease still exist after property is sold?

Post by Guest on Mon Apr 12, 2010 5:44 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

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

Post by Guest on Mon Apr 12, 2010 5:46 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.

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

Post by Intercasa on Mon Apr 12, 2010 6:24 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.
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Re: Does a lease still exist after property is sold?

Post by Guest on Mon Apr 12, 2010 9:35 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

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