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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Fair Market Rent Posted by steve on June 09, 2010 at 5:29 PM In Reply to: Re: Fair Market Rent posted by Nick on June 09, 2010 at 4:14 PM : : I know this is a stupid question and I can find the answer somwhere but was hoping that you guys could give quick answer. If ownership is recorded mid-month for a trustee sale purchase and occupied by tenant and tenant paid rent to prior owner on the 1st - Is the tenant legally bound to pay pro-rated rent to new owner for remainder of the month? I would never ask for it because it would just be mean, but I am curious on the legal standing. : of course the tenant owes you rent. I don't think that is necessarily correct. There seems to be different legal interpretations of whether the rent is paid in full for the month and the new owner is not entitled to any pro-rated rent from the tenant (tenant's view) or whether the tenant needs to pay the new owner pro-rated rent and then it is up to the tenant to chase down the overage paid to the prior owner (new owner's view). You should consult with your attorney, but given that there is generally more sympathy for tenants in foreclosure than for owners/investors (e.g. why should the tenant who didn't do anything wrong have to be out the pro-rated rent and have to go through the effort of chasing down the old owner? vs. foreclosure investor looking to make money by picking up a property at very low price and trying to squeeze tenant), I would tend to think that the tenant's view would prevail in court and you could end up creating more headaches than it's worth. If anyone has anything more definitive, please share. Thanks. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : I know this is a stupid question and I can find the answer somwhere but was hoping that you guys could give quick answer. If ownership is recorded mid-month for a trustee sale purchase and occupied by tenant and tenant paid rent to prior owner on the 1st - Is the tenant legally bound to pay pro-rated rent to new owner for remainder of the month? I would never ask for it because it would just be mean, but I am curious on the legal standing. : : of course the tenant owes you rent. : I don't think that is necessarily correct. There seems to be different legal interpretations of whether the rent is paid in full for the month and the new owner is not entitled to any pro-rated rent from the tenant (tenant's view) or whether the tenant needs to pay the new owner pro-rated rent and then it is up to the tenant to chase down the overage paid to the prior owner (new owner's view). : You should consult with your attorney, but given that there is generally more sympathy for tenants in foreclosure than for owners/investors (e.g. why should the tenant who didn't do anything wrong have to be out the pro-rated rent and have to go through the effort of chasing down the old owner? vs. foreclosure investor looking to make money by picking up a property at very low price and trying to squeeze tenant), I would tend to think that the tenant's view would prevail in court and you could end up creating more headaches than it's worth. : If anyone has anything more definitive, please share. Thanks. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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