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Q: What happens to your property if you die and the lease has run out?
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It depends on the terms of the lease. The lease may terminate or the lease may "run with the land."


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What does this option shall run with the property and shall be binding upon any subsequent purchaser of the property mean?

This is a line from a purchase or lease agreement fora piece of property. It implies that whatever option is being specified will remain with the property for subsequent purchasers and cannot be stricken from the agreement.


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I pay ground rent on my property but the lease has been sold to another management company.Should I have been given the chance to buy before transfer.?

I'm not sure of what state you are in but I believe that in Baltimore, MD you have the right to purchase the property for the ground rent divided by .02 - .04 dependening on the date of the lease. You should have the opportunity to buy it at any point, you do not have to wait for a transfer or for the lease to run out. Hope this helps.


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If you do a deed in lieu what happens to the tenants living in the property?

Just like in a sale, the tennancy (Lease) continues to run it's course. Only the owner (presumably, landlord) changes. (The lease "runs with the property"). The lender accepting the Deed in Lieu takes it subject to the existing lease, which (reading the agreement you'll make), you must tell them about. be prepared to have them insist you get signed documents from the tennent saying what if any deposits he has and status of rent, etc. They may be happy it comes with a tennent, or they may want to buy him out. More likely, a bank would be happy to take the proeprty with a tennent - who pays the rent - and have the cash flow.


If you are getting a divorce can you break the lease with your tenants so you can move into the property?

Most leases have provisions for the owner giving notice if the tenants need to move. Usually it is 30 to 60 days and is written. Of course, it is more convenient to just not renew the lease. It may be cheaper and easier for you to move into an apartment in the interim and let the lease run its course.


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