Best Probate Attorneys in Burbank, CA

What happens if an owner of a property sells it while it is still inhabited by tenants with an ongoing lease contract? A contract is a document in which private parties are allowed to create their own law, in which they impose obligations upon themselves in exchange for a benefit. These obligations could be a mandate to do or give something, or not to do something. Usually, when talking about a service that is being provided, the counter benefit could be money. Although, there are many contracts that are signed everyday in which the counter benefit is not necessarily represented in money. In some contracts, it could be that the obligation to do, give or not do something, affects directly or indirectly a third party. In these cases, the question that arises is how will the two parties interact with the third one, and at which point do we need the explicit acquiescence of all the parties in order to proceed with the obligations that were originally drafted in the contract. A good example is a leasing contract, in which the owner of a property decides to rent it to an individual, who will -in exchange of a monthly payment- have full and free use of the property for a determinate amount of time. In this case, different obligations and rights are born instantly for both parties, which have to be complied with as it was the law itself. Nevertheless, it can happen that the owner of the property decides to sell that property to another individual.