Escrow & Title
A buyer in Alaska purchases a property and later discovers there is an existing lease the seller did not disclose. Under the principle that 'a lease survives sale,' the buyer:
ACan immediately evict the tenant since the buyer didn't consent
BMust honor the existing lease and cannot evict the tenant before the lease term ends✓ Correct
CIs entitled to rescind the sale
DOnly has rights against the tenant if the lease is recorded
Explanation
Leases survive the sale of property — a tenant's right to occupy under an existing lease continues even when the property is sold to a new owner. The new owner steps into the shoes of the old landlord and must honor the lease.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
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