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!
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Eff to 2 BDRM
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