QUESTION

I live in Coeu''re de Alene, ID. The house I rent is being foreclosed. What are my rights?

Asked on Feb 07th, 2012 on Real Estate - Idaho
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There is also a property manager involved. Are there any penalties for moving out? considering the lease is broken?
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Real Estate Law Attorney serving Reno, NV at Hawley Troxell Ennis & Hawley LLP
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The "Protecting Tenants at Foreclosure Act" (there is also a federal law that says the same thing) says that the new property owner cannot evict a month-to-month tenant for 90 days, or, when a lease is in effect, until the tenant's lease ends except when the new property owner is going to use the rental property as his or her primary residence, in which case the new owner only has to give the tenant 90 days notice.  For more details, go to the Idaho Attorney General's website at http://www.ag.idaho.gov/consumerprotection/foreclosure/tenantsForeclosureAct.html  Of course, the foregoing assumes you continue to pay rent.  If you don't pay rent, the new owner can evict you, which obviously involves penalties.  Although the law does not say so, I believe this law means that the foreclosure has not broken the lease, so if you elect to leave early you could suffer penalties.  However, many new owners are willing to give "cash for keys" and will pay you to vacate early, although this would be purely a matter of voluntary negotiation between the parties.
Answered on Feb 08th, 2012 at 2:12 PM

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