Q I live in an apartment in northeast Minneapolis. My lease was originally signed by the owner/landlord, and within months of moving into my apartment the building became bank-owned. A property management company now handles the building for the bank.
A new lease was never signed with the property management company, so the lease I have has my name and my previous landlord's name on it. I have not signed any documents that say all conditions of the original lease transfer to the property management company.
Is my lease binding? I might move before the lease is up because I'm going to buy a home, so I'm curious about my rights.
A Your lease is binding in this case because the bank purchased the property, and all agreements or leases subject to that property are included in the purchase.
However, you could contact the property management company that handles the building for the bank and request that you pay a few months' rent to terminate your lease early.
You never indicated the date your lease ends, but you are liable for the remainder unless the company agrees to an early termination. So don't just leave without contacting the property management company, because the company might agree to work something out with you.
Otherwise, you could end up with a judgment against you when it could have been avoided. Remember to get any agreement between you and the property management company in writing.
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