May the new purchaser ever give less than 90 days' notice to evict a tenant after foreclosure?In some circumstances. If the purchaser becomes the new landlord, then the rental agreement applies and the tenant may be evicted for nonpayment of rent or other violation of the agreement as under ordinary landlord-tenant law. However, the landlord cannot give a no-cause notice less than 90 days in advance, and must allow a fixed-term tenant to stay through the length of the term. If the purchaser does not become the landlord, the right to evict the tenant is very limited. If the tenant behaves outrageously, the new purchaser may evict the tenant with 24 hours' notice. Otherwise, at least 90 days' notice is required.When a tenant moves out after foreclosure, what happens to the security deposit or prepaid rent the tenant paid to the former owner? The tenant does not have the right to make the new owner pay back a security deposit or any prepaid rent that the tenant paid to the former landlord. The tenant may wish to sue the former owner in small claims court to try to get the money back. Note that the former owner may not be able to repay those amounts if he or she is in bad financial straits. This is why the law gives the tenant the right to apply any deposit or rent prepaid against any current or future rent owed the landlord while the foreclosure proceeding is still pending. What if the new owner offers the tenant cash to move out early, before the protected time period?So long as the new owner is not misrepresenting the tenants' rights, it is legal to offer a tenant cash if the tenant will agree to move out before the end of the required notice period. The parties should be careful in negotiating the terms of any "cash for keys" agreement to be sure they are fair. The amount of cash offered should be commensurate with the rights the tenant is being asked to give up. It is advisable for the agreement to be in writing, and tenants may want to seek legal advice in reviewing and before accepting any offer.
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