Property Management
In New Mexico, a landlord who enters into a lease with a tenant and then sells the building must:
ATerminate all existing leases upon sale
BHonor the existing lease terms—leases generally survive the sale of the property✓ Correct
CRenegotiate all leases with the new owner
DProvide 90 days' notice to all tenants
Explanation
Leases run with the land and generally survive sale of the property. The new owner takes title subject to existing leases and must honor their terms. Tenants' rights are not affected by the change in ownership.
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