What happens if the owner sells the unit?
This happens frequently. We need the seller to let us know of the intention to sell, and when the property does sell and to whom. We do transfer (of lease and contract) paperwork that both seller and buyer sign. Generally, the new owner wants to keep the occupied tenant, unless he intends to convert to private or business use. The leases and HAP Contract continue under the new owner. The seller should remit the security deposit with the sale, since the new owner should not collect another from the tenant.
