Property Management
A West Virginia property manager discovers the owner has stopped paying the building's mortgage and the lender has begun foreclosure proceedings. The manager should:
AContinue managing the property without disclosing to tenants
BNotify tenants of the foreclosure situation as required and consult the owner and possibly an attorney✓ Correct
CImmediately terminate all leases and vacate the tenants
DAssume management on behalf of the lender
Explanation
When a managed property faces foreclosure, the property manager has a duty to the owner (client) to keep them informed and may need to consult an attorney regarding obligations to tenants. Depending on circumstances, tenants may also need notification.
Related West Virginia Property Management Questions
- A West Virginia landlord who wishes to evict a non-paying tenant must follow the legal process, which includes:
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