Property Management
A Minnesota property manager signs a one-year lease with a new tenant. After 6 months, the property owner sells the building. What happens to the tenant's lease?
AThe lease is automatically terminated when the property is sold
BThe new owner must honor the existing lease for the remaining term✓ Correct
CThe tenant must renegotiate the lease with the new owner
DThe lease becomes month-to-month automatically
Explanation
In Minnesota, a valid lease survives a property sale. The new owner takes the property subject to existing leases and must honor them for their remaining term.
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