Contract of lease question

**boybi** · September 6th, 2007 12:37 PM

If I'm renting a property and the property got sequestered (tama ba itong term na ginamit ko?

) by the bank, will the bank still honor my unexpired contract?

**nicolodeon** · September 6th, 2007 12:49 PM

AFAIK, they will. I've a friend who was in the same situation some years back. As the new owners of the building, they honored the contract. However, I think the bank could have the right to review your contract with the previous owner. If they sniff out any reason to terminate or buy-out your contract, I think they will.

**niwde11** · September 6th, 2007 12:57 PM

or you can buy the property boybi.

**boybi** · September 6th, 2007 01:32 PM

Walang pambili kaya nga magrerent e

**BlueBimmer** · September 6th, 2007 01:34 PM

sows rent rent pa....kung walang extra cash, iloan na yan

**Altis6453** · September 6th, 2007 01:47 PM

You have to consider 2 scenarios. Was the lease constituted over the property before the foreclosure or after?

If the lease was constituted before the foreclosure, the banks would usually honor it and just allow the lease to expire. If the lease was constituted after the foreclosure proceedings and the parties to the lease know about such proceedings, I believe the bank can terminate the lease.