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A person are renting the condo from Colorado asking about his/her landlord law.
Q. I am renting a condo from a person in Colorado. I have recently signed a 1 year extension on my lease. The condo owner has informed me that he is selling the property and will declare bankruptcy. The landlord said that he will sell the condo I am renting as rental property, but I am concerned about how the lease terms transfer over to the new owner (when sold) and whether the new owner could evict me because he/she does not want to rent the property. I have examined the lease agreement, and there is nothing about a sale of the property. This is the only provision that I am concerned about: SUBORDINATION - This lease shall be subordinate to all existing and future mortgages and deeds of trust upon the property. Questions: 1. Can I enforce the lease if the property is sold to another person (not be evicted by the new owner if they don't want to rent the property)? 2. How should I handle the security deposit, especially since my current landlord will be declaring bankruptcy?
A. -Subordinate to mortgage liens and deeds of trust isn't the same as subordinate to a future grant deed. So your lease should be superior to the new owner's grant deed if there is nothing in the lease that says otherwise. And don't be quick to ass
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