Contracts
In Oklahoma, a real estate purchase contract that states the property is sold 'subject to' existing leases means:
AThe leases are automatically terminated at closing
BThe buyer takes title with the existing tenant leases intact and must honor them, inheriting the landlord's obligations under those leases✓ Correct
CThe buyer can evict tenants at will after closing
DLeases must be renegotiated before closing
Explanation
When a buyer purchases a property 'subject to' existing leases, they acquire the property as the new landlord, bound by all existing lease terms. Tenants' rights are protected — the buyer cannot simply terminate leases because ownership changed.
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