Many renters panic when they find out their building is for sale. Even worse, many others only learn about the sale after it's already done! Now that the housing market is starting to recover from the crash of 2008, there will be a lot more apartment buildings up for sale. It's important for Chicago renters to know what to expect.
Note: today I'll be talking only about when one private landlord sells the building to another private landlord. I won't be dealing with what happens when a bank takes over a foreclosed building just yet, that's a very different matter in Chicago and will take a separate article of its own. I also won't be dealing with what happens when your landlord passes away, but I have addressed this matter in the past.
Your lease is not over.
Your lease is for a unit in the building regardless of who owns it. Continue to pay rent to the old owner as you've always done until you are notified in writing of the new owner's address. Then pay to the new address. Continue reading So Your Building Was Sold to a New Owner! Now What?!

