What Happens If Your Auburn Apartment Community Changes Owners?

 

You've finally picked out the perfect apartment complex in Auburn.  You're busy settling in and enjoying all of the amenities, and then it happens.  Your apartment complex gets sold to another ownership group.

Now what?

Rumors may be buzzing all over the complex, but there's no need to panic.  Instead, take a deep breath and check out this list of FAQ's.  The answers will make you feel much better about your apartment community ownership change.

1.  Does this mean my lease is null and void?

Absolutely not!  The lease you signed when you first got your Auburn apartment is good until the day the contract ends -- no matter who owns the complex. 

However, when it comes time to sign your next lease, you may not like the changes that the new owners make to the terms.  To be on the safe side, take some time beforehand to research a few backup options if you decide you don't want to sign on the dotted line with the community's new owners.  Luckily, Auburn is home to so many apartment communities that it won't be hard to find another one that you love!

2.  Do I have to sign a new lease?

No.  New owners cannot come in and make you sign new documents in the middle of your current lease.  When they bought the complex, everything -- including all of the existing leases -- was transferred to them.

3.  What happens to my security deposit?

When an apartment community changes ownership, one of two things happens to the chunk of money you handed over as a security deposit -- the money is either transferred to the new owners, or it is returned to you.  You don't have to worry about scrounging up more money, or worse, losing what you've already paid.

4.  Can I move out when the new owners take over?

No.  Your lease goes both ways.  It gives you the peace of knowing that you have an apartment to live in for the next year, but it also gives your landlord the peace of knowing that there's a paying tenant in that apartment for the next year.  Unless your lease specifically says otherwise, you can't simply pick up and move if new ownership comes in.

5.  What will the new owners do to the property?

In many cases, new owners come in and make upgrades to the apartment community.  If you've been wishing for a nicer pool, better equipment in the fitness center, or even faster maintenance service, you just might get it!

Apartments in Area:

Auburn Apartment - Lakewood Commons

1 to 2 BDRM apartment in Auburn, AL from $580 to $840


Auburn Apartment - The Grove at Auburn

2 to 3 BDRM apartment in Auburn, AL from Call for Pricing


Auburn Apartment - The Social

1 to 3 BDRM apartment in Auburn, AL from $445 to $835


Auburn Apartment - Grayton on Dean Apartment Homes

1 to 3 BDRM apartment in Auburn, AL from $725 to $925


Auburn Apartment - 1322 North

1 to 3 BDRM apartment in Auburn, AL from $805 to $1070


Auburn Apartment - TWO 21 Armstrong

1 to 3 BDRM apartment in Auburn, AL from Call for Pricing


Auburn Apartment - The Hub at Auburn

2 to 4 BDRM apartment in Auburn, AL from $340 to $445


Auburn Apartment - The Garden District

Stu to 3 BDRM apartment in Auburn, AL from $465 to $765


Opelika Apartment - Paces at the Estates

1 to 2 BDRM apartment in Opelika, AL from $900 to $1100


Auburn Apartment - Savannah Square

1 to 3 BDRM apartment in Auburn, AL from $675 to $1250


Auburn Apartment - Logan Square at West Glenn

1 to 3 BDRM apartment in Auburn, AL from $524 to $900


Auburn Apartment - Village at Lakeside

2 to 3 BDRM apartment in Auburn, AL from $825 to $1045


Auburn Apartment - The Fairways at Auburn

1 to 2 BDRM apartment in Auburn, AL from $635 to $835


Auburn Apartment - The Greens at Auburn

1 to 2 BDRM apartment in Auburn, AL from $635 to $835


Opelika Apartment - The Crossings of Opelika

1 to 3 BDRM apartment in Opelika, AL from Call for Pricing



AUBURN Apartments Guide

If you would like a FREE copy of the AUBURN Apartment Guide order online click here