Question

When a leased property is sold, the previous owner must transfer the security deposit and __________ to the new owner.

Answer 1

The only thing sold is the interest of the landlord. The new buyer will acquire both the structure and its tenants.

The lease should have proper legal protection, and tenants will ideally have rights for renewing leases at the end of the contract period, with limited provisions for cancelling the same.

What is it called when you transfer a lease?

A lease takeover, also called a lease transfer or a lease assumption, is the process of transferring an auto lease from one person to another. If your lessor allows you to transfer your lease, you may be able to find someone interested in taking over your monthly payments and finishing out your lease.

How do I transfer my lease to a new owner?

To make the transfer of a lease legal, complete a Lease Assignment. If the landlord agrees, this can free you of your obligations as the original tenant to the lease, including any remaining interest. All three parties should sign the document: the landlord, the original tenant, and the new tenant.

Learn more about transfer of lease here:

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