Different Schemes for Foreign Currency Accounts. Acceptance of Deposits from foreign banks operating abroad and overseas branches. Payment of subsidy on account of interest differential. Special permission for Foreign Currency Accounts.
Heist and David R. Weisse, Attorneys at Law Your tenant received papers either in the mail or served by a process server showing that the property owner is being foreclosed on. What do you do now? Our office gets this question every single day and will try to answer most of the common questions and answers in one place.
Why is the tenant served with foreclosure papers? It is standard practice for the lawyer who is handling a foreclosure to name the tenant as a defendant in the lawsuit and to serve the tenant with a copy of the summons and complaint.
This is done so that at the end of the foreclosure, the new owner of the property is able to take possession quickly. Since the tenant has a property right when she enters into a lease, this right is affected by the foreclosure and can be extinguished by the foreclosure.
The foreclosure is based on the owner's mortgage or a lien of some sort, such as for failure to pay condo maintenance fees.
It almost never involves any money owed by the tenant to the owner. Even though the tenant was served with a copy of the foreclosure lawsuit, it does not mean that the plaintiff is trying to make the tenant responsible for the debt.
The tenant is not responsible for the debt of the owner and the foreclosure action will not affect the tenant's credit. Does the foreclosure affect the lease? The simple filing of the foreclosure lawsuit does not mean the lease is ended. The owner still fully owns the property until it is sold at a foreclosure sale.
Both the landlord and the tenant remain obligated to perform the lease. The lease will stay in effect until a foreclosure judgment is entered by a judge and the sale occurs.
That can be two months after the tenant received the foreclosure lawsuit or two years. There is absolutely no way of knowing how long it will take. The tenant's obligation to pay rent continues even though there is a foreclosure lawsuit.
Thus, if the tenant fails to pay rent, you should serve a three day notice. The tenant is not necessarily entitled to break the lease due to the foreclosure, but the tenant often will. Can I be sued as a property manager? There is nothing in Florida law that makes you liable to a tenant in the event the owner of the property is foreclosed upon.
An argument can be made though, that if you knew the property owner was on the verge of foreclosure or actually in foreclosure at the time of lease signing, you possibly should have disclosed this to the tenant.
There is no law that requires disclosure to the tenant. We strongly recommend you do not manage a property if you know that the owner is in financial difficulty.
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