Gerard owned an apartment building that was fully leased. He sold it to Thomas. What happens to the leases of the building's tenants?

Name: Gerard owned an apartment building that was fully leased. He sold it to Thomas. What happens to the leases of the building's tenants?
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Question

Quizplus · Accepted Answer

When a property is sold, existing leases remain valid through the end of their terms, and the new owner steps into the shoes of the previous owner, assuming the role of landlord under the same terms until those leases expire.

Gerard Owned an Apartment Building That Was Fully Leased