Results 1 to 2 of 2
  1. #1
    Join Date
    Aug 2009
    Posts
    3

    Default Protecting Tenants at Foreclosure Act of 2009

    Greetings,

    I have a question regarding the Protecting Tenants at Foreclosure Act of 2009.

    The law states that:

    "The protections of this law apply only to "bona fide" tenants — meaning that the lessee is not the mortgagor or a child, spouse, or parent of the mortgagor; the lease is the product of an arm’s-length transaction; and the rent is not substantially less than fair market rent (unless it is due to a government subsidy)."

    What do they mean by "arms-length transaction"? Is the fact that I am the brother of the current owner preclude me? I have been renting this property for over 7 years with leases.

    Thank you in advance,

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Protecting Tenants at Foreclosure Act of 2009

    If you can show that you've been paying rent at market rates for seven years, I expect that would be found sufficient.

    1. Sponsored Links
       

Similar Threads

  1. Foreclosure: Protecting Investment Property From Foreclosure
    By Flalandlord in forum Buying, Selling and Conveying Real Estate
    Replies: 1
    Last Post: 11-04-2010, 08:50 PM
  2. Eviction Process: Tenants Cannot Be Evicted in Foreclosure
    By KeyWestDan in forum Landlord-Tenant Law
    Replies: 1
    Last Post: 02-26-2010, 03:36 PM
  3. Foreclosure: Protecting Tenants at Foreclosure Act
    By Chene in forum Buying, Selling and Conveying Real Estate
    Replies: 1
    Last Post: 02-14-2010, 05:24 PM
  4. Change of Ownership: Tenants' Rights During Foreclosure
    By Amander in forum Landlord-Tenant Law
    Replies: 2
    Last Post: 10-09-2008, 09:32 PM
  5. Protecting Tenants-In-Common From Each Other's Liabilities
    By redxxxx in forum Real Estate Ownership and Title
    Replies: 2
    Last Post: 07-01-2008, 01:01 AM
 
 
Sponsored Links

Legal Help, Information and Resources