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My husband has some land given to him by his parents. His parents started renting out the land to a man and they have a written contract (but it is not notarized, I don''t know if that makes a difference and in the contract my husbands dad was the person to receive the monthly payments). After the contract was already signed, the land was transferred into my husbands name. With that being said, who has the right to collect on the rent money for the remainder of the contract or would that contract now be void since the owner of the land has changed?
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It really depends on what both the deed granting your husband ownership rights in the property states, and what the lease agreement for the land states. If the deed states that the transfer is contingent on your father-in-law continuing to receive the rental payments, then he would still receive those payments. Absent language in the deed, if the contract for the lease has language that voids the lease for any transfer of the property, then the lease would be terminated. If neither the deed or lease mention transfers of the lease to a new owner, then your husband would likely be the one to receive the rental payments.
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Answered on Nov 30th, 2011 at 11:53 AM