When you, as a tenant, see a notice of new ownership on your door, it's natural to feel a bit uncertain.
There could be many reasons for ownership transfer, some are expected and planned ahead, some are not.
Here’s our tips for a tenant in this situation:
Confirm Legitimacy:
To make sure the notice is legit, reach out to the previous owner or property manager for confirmation. You might even receive letters from both the old and new owners, which can add a bit of reassurance.
If that option is not available and the previous owner has gone mute, check county records - Ownership changes are usually recorded at the assessor's office. Keep in mind that recording may take place a few days after the notice you received, so don’t assume this is fraud too fast.
Review Your Lease and Ledger:
Wondering what happens to your lease and deposit? Don't worry, they're usually transferred over to the new owner, keeping everything running smoothly for you.
Just keep following the terms of your lease as you did before, and you're all set. It is good practice to contact the new owner or property manager and confirm with them that they have all your funds and your account is up to date. Don’t panic if they don’t - mistakes happen during property ownership transfer. Refer to your original lease and ledger and make sure corrections are made and documented.
Stay Informed:
Once you're sure the new management is on the up and up, make sure you know where to send your rent payments, and who to contact for maintenance requests and administrative support.
If you've got renters' insurance, don't forget to update your info accordingly.
Stay Calm:
Even though ownership changes might catch you off guard, those transfers are really not a reason for concern.
Sticking to your end of the deal as a responsible tenant will help things go smoothly for you.
