When a new landlord buys rental property, all existing oral or written leases are still valid. They cannot kick anyone out just because they are the new owner. They also cannot force tenants to sign a new lease or pay a different rent.
The new owner must tell the tenants in writing that they are the new landlord within 10 days of the purchase.
The old landlord must give the new landlord:
- Copies of all leases
- Security deposits with interest, if interest is required to be given
- Records of rent payments and
- All other documentation about the tenants
Both the new and old landlords are responsible for the tenant's security deposit. If a tenant moves out of the unit, the new landlord cannot claim they do not have to pay the deposit. This is true even if the new landlord did not get the tenant’s security deposit from the old landlord.