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You pay your rent to a property management company for a condo unit but the owner is being foreclose on is this legal?
Wiki User
∙ 11y ago
As a tenant, your situation is determined by the written agreements that the owner has with the management company, with the association and its association manager, and with a lender, if any.
It may or may not be legal; it may or may not be 'right' in this case.
If monies are due to the association:
- unless the governing documents provide for the association's right to 'step into the revenue stream' to which you contribute in this case, the owner may be obliged to honour the agreement made with the management company (assuming that the property manager is not a vendor to the association as association manager).
If monies are due to a lender:
- the lender may have rights to the revenue stream if the owner has failed to honour his/her agreement with the lender.
It is unseemly that the owner would be able to benefit from rental income in this situation, but the association and/or the lender may be able to benefit -- collecting assessments from the revenue stream and paying any excess amounts to whomever it is due.
Specifically, your moral compass points in an appropriate direction. If you and the owner want to notify the entity foreclosing on the unit, of the management company's -- again, not the association manager -- involvement in the revenue stream, that would be up to you and the owner.
ClarificationThe following is general information that may help to clarify your position:
- You live in a rented condominium unit.
- The owner has failed to pay or is unable to pay the mortgage.
- Your lease and any rental agreement , if any, is subject to the mortgage.
- You must continue to pay your rent until you are notified otherwise.
- There is no reason why you should not pay your monthly rent as the proceeds may be assigned to the bank as part of the mortgage agreement. Expressed another way- there is no reason why you should live in the unit for free because the owner is facing foreclosure.
- Your monthly rental may continue indefinitely with the bank receiving the income until the unit is sold to a new owner.
- It is perfectly legal that you continue to pay your monthly rent and you should make certain you keep a record of proof of payments.
Wiki User
∙ 11y ago
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How do property management agreements function and why do owners require them? Property Management Agreements are significant, and Remaxstar Estate Agents Ilford is aware of this. The duties and obligations of both property owners and management businesses are outlined in these agreements. We guarantee effective management, maintenance, and tenant interactions thanks to our expertise. visit find out more about how our services can help property owners, go visit estateagentsilford.co.uk.
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