What happens to my lease if my apartment building is sold?

Your Lease Is Protected

When a property is sold, existing leases are binding on the new owner. This is a fundamental principle of landlord-tenant law. The new owner "steps into the shoes" of the old landlord and must honor every term of your lease—rent amount, lease duration, maintenance obligations, and all other provisions.

Security Deposit Transfer

Your security deposit should be transferred to the new owner at closing. In most states, the previous landlord must either: transfer the deposit directly to the new owner and notify you, or return the deposit to you directly. The new owner then becomes responsible for returning your deposit at the end of your tenancy.

What Can Change

While the lease terms can't change, some things may: where you send rent payments, who to contact for maintenance, the property management company, and building policies not covered by your lease. The new owner should notify you of these changes in writing.

Month-to-Month Tenancies

If you're on a month-to-month tenancy (not a fixed-term lease), the new owner has more flexibility. They must still honor the current month's terms, but they can give you proper notice (usually 30–60 days) of changes—including terminating the tenancy—just as the previous landlord could have.

Protecting Yourself During a Sale

Keep a copy of your signed lease in a safe place. Document your security deposit amount and any receipts. If you're notified of a sale, request written confirmation of the new owner's contact information and where to send rent. Verify that your deposit was properly transferred.