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  1. #1
    Join Date
    Jul 2014
    Posts
    2

    Default Transfer of Lease to a New Property Manager After Renewal of Previous Lease

    My question involves landlord-tenant law in the State of: New Mexico

    I am a renter (tenant) who recently signed a lease agreement. I just got word that my property manager (for a well known company) is now moving his business to a new company (previously unknown). I was told that I have to sign a new lease to transfer lease with the new company, and that the agreement would be the same as the current one. We were required to have tenant insurance, which points to the previous management company. No reason was given for the move.

    My question is: Are there any legal ramifications to the tenant, and what (if any) tricks should I be looking out for from a property manager in the situation above. I am not expecting issues, but I would like to know in case of problems. Would two agreements be a problem.

    It seems so odd that this should happen with no clear explanation from the property manager.

  2. #2
    Join Date
    Dec 2012
    Posts
    1,018

    Default Re: Transfer of Lease After Renewal of Previous Lease

    As you were told on another forum, changing property managers is not unusual. There is no legal requirement to explain to a tenant the reason for this change.

    The only change in the new lease should be the name of the new property manager. Review the lease prior to signing it.

    Gail

  3. #3
    Join Date
    Mar 2013
    Posts
    17,616

    Default Re: Transfer of Lease After Renewal of Previous Lease

    Quote Quoting prestu37
    View Post
    My question involves landlord-tenant law in the State of: New Mexico

    I am a renter (tenant) who recently signed a lease agreement. I just got word that my property manager (for a well known company) is now moving his business to a new company (previously unknown). I was told that I have to sign a new lease to transfer lease with the new company, and that the agreement would be the same as the current one. We were required to have tenant insurance, which points to the previous management company. No reason was given for the move.

    My question is: Are there any legal ramifications to the tenant, and what (if any) tricks should I be looking out for from a property manager in the situation above. I am not expecting issues, but I would like to know in case of problems. Would two agreements be a problem.

    It seems so odd that this should happen with no clear explanation from the property manager.
    Well, you aren't entitled to an explanation.

    But you don't "have to" sign a new lease.

    In fact I would caution you against it until you check something out.

    Here's why.

    If Joe worked for Company A and your lease is with Company A, then Joe moves to Company B and gets you to sign a new lease with Company B, you could still be obligated to pay rent to Company A as well as to Company B.

    I suggest you talk to somebody at Company A before you sign a new lease with Joe at Company B.

  4. #4
    Join Date
    Jul 2014
    Posts
    2

    Default Re: Transfer of Lease After Renewal of Previous Lease

    Quote Quoting adjusterjack
    View Post
    Well, you aren't entitled to an explanation.

    But you don't "have to" sign a new lease.

    In fact I would caution you against it until you check something out.

    Here's why.

    If Joe worked for Company A and your lease is with Company A, then Joe moves to Company B and gets you to sign a new lease with Company B, you could still be obligated to pay rent to Company A as well as to Company B.

    I suggest you talk to somebody at Company A before you sign a new lease with Joe at Company B.
    This is my initial concern, and that is why I don't want a new lease. The current property manager is the key to the puzzle. Thank you for confirming this.

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