My landlord bankrupt : ezLandlordForms

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Stephanie W

started a topic over 11 years ago

Hello, I have signed a commercial lease for 5 years and after a year, I heard that the landlord is filling for bankruptcy. A new property management company send me a note to explain that they are the new company who i need to deal with. Do my old lease still valid ? Do i need to sign a new lease ? Thank you

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Curtis B

said over 11 years ago

Your old lease should transfer over to the new owners. I would confirm with them and be sure they have a copy and that they have your deposit.

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Dawn A

said over 11 years ago

Yes, definitely confirm that they have your deposit. If the old owner did not give them your deposit, you will need to pay the new owners a deposit (should they request one) and you will need to sue the old landlord for the deposit.

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Bob R

said over 11 years ago

If the former owner did not transfer your security deposit to the new owner, then under California Civil Code section 1950.5, subdivision (j), both the former owner and the new owner (bank) are jointly and severally liable for returning the security deposit to you. This should help …… http://www.avvo.com/legal-answers/new-owner-liable-for-deposit----old-landlord-took--692191.html .. -----Disclaimer: Since I’ve been answering a lot of questions, I thought I would make the following statement. I’m not affiliated with EZlandlord Forms. I’m just here (not sure how long) to help those that have questions. Having 40+ yrs with Rental Property and done well, it’s my way of “Pay it Forward (check out the movie).” However, it is up to you to become familiar with your State/Local laws. I always like to know if the suggestions I offer are helpful. Feel free to comment anytime. Thanks in Advance. BTW...check out the Rental Property Organizer at Simp-List.com.

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Bob R

said over 11 years ago

From what you’re saying, it appears that the landlord still owns the property and a management co is handling the finances…..I’m not sure if I would just send money to a company just because the said so. Since your agreement is with the landlord, landlord should send you a letter stating that the management co. is responsible for the rent collection as of (date). -----Disclaimer: Since I’ve been answering a lot of questions, I thought I would make the following statement. I’m not affiliated with EZlandlord Forms. I’m just here (not sure how long) to help those that have questions. Having 40+ yrs with Rental Property and done well, it’s my way of “Pay it Forward (check out the movie).” However, it is up to you to become familiar with your State/Local laws. I always like to know if the suggestions I offer are helpful. Feel free to comment anytime. Thanks in Advance. BTW...check out the Rental Property Organizer at Simp-List.com.