Protection for Renters in Foreclosed Properties
Posted: January 21, 2010
For renters that have the very unpleasant experience of renting a property that goes into foreclosure, it can seem that there are not that many laws protecting their interest. As of May 20th, 2009 however, an act was made effective that does just that.
The Protecting Tenants at Foreclosure Act is designed to give renters some kind of stability within an unstable market. Basically, any "bona fide tenant" - one who has a written or verbal lease at market value, with someone other than the original homeowner - is affected. As long as you qualify as a "bona fide tenant", you must be allowed to live in the property for the length of the lease, unless the property is sold to another buyer who plans to use the home as a primary residence. In this case, the current tenants would receive a 90-day notice to vacate, and the lease would terminate on the date of the sale.
Making the notice to vacate a minimum of 90 days may not be the most ideal situation, but it will at least give tenants the ability to gather their affairs, and find a new place to call home.
As always, please feel free to contact me at 239-357-9558 with any of your Real Estate needs or questions.
Information for this article courtesy of Florida Realtor.
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