Business Valuation Services
Foreclosed Property and Tenants
Buying a foreclosed property that has tenants? If you are, you need to bear in mind that whatever rights and duties the tenant had under the old landlord have now been transferred to you along with the sale. Section 7-105 of the Maryland Statutes provides that a purchaser of a foreclosed property has the same rights and remedies against the tenants that the prior property owner had and vice versa. Do your homework before buying a foreclosed property, especially if you want to avoid landlord tenant issues.
I would also suggest reviewing court records to determine if any complaints were filed against the prior owner. The Attorney General’s Consumer Protection Division may also provide information on any pending complaints against the prior landlord.
Buying a foreclosed property that has tenants? If you are, you need to bear in mind that whatever rights and duties the tenant had under the old landlord have now been transferred to you along with the sale. Section 7-105 of the Maryland Statutes provides that a purchaser of a foreclosed property has the same rights and remedies against the tenants that the prior property owner had and vice versa. Do your homework before buying a foreclosed property, especially if you want to avoid landlord tenant issues.
I would also suggest reviewing court records to determine if any complaints were filed against the prior owner. The Attorney General’s Consumer Protection Division may also provide information on any pending complaints against the prior landlord.
