New Lease Agreement Validity

Summary

When a property is sold in Iowa, the new owner must honor existing leases. Lease renewal terms should be negotiated and documented in writing. Consult a local attorney for personalized advice.

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A new company bought the building and took over. The new person sent over a rental agreement with a price offer that I did sign but I never got a full lease however that says now that it is my renewed lease. How can a lease be renewed if it's a whole different company and is that legit.
Hello Amanda,
In many jurisdictions, when a property is sold, the new owner takes on the obligations of the previous owner, including any existing leases. However, it would be beneficial to know your location to provide more specific guidance. Could you please share that?
Iowa
In Iowa:
- A lease typically transfers over to the new owner.
- The new owner must honor the existing lease.
- You should have received a copy of your lease. If not, request one.
Please consult a local attorney for detailed advice.
I mean to renew for another year. After my current lease expires
In Iowa:
- Lease renewal is typically based on terms agreed upon in the existing lease.
- If the lease doesn't specify, you and the new landlord can negotiate terms.
- Always get a written agreement for your renewal.
Ensure to consult a local attorney for personalized advice.