Sunday, June 13, 2010
Laws You Should Know About: Tenant's rights to notice of foreclosure.
Tenants have rights when the property they're renting, or thinking about renting, is the subject of a foreclosure. One of those rights is the right to be told, before you sign a lease, to know that the property is in foreclosure.
Section 704.35(2), Stats., says:
Rental agreement must verify notice or is voidable. Any rental agreement entered into between the property owner and a tenant during the pendency of the foreclosure action and before the expiration of the redemption period shall include a separate written statement, signed by the tenant, that the owner has provided written notice as required under sub. (1). A rental agreement that does not include the statement signed by the tenant is voidable at the option of the tenant.
So if you find our your property was in foreclosure when you rented and you weren't told, you can void out your lease and head to more financially-stable housing, among other rights you might have.