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Attornment
By Contributor on December 25, 2018
Attornment refers to the formal agreement by a tenant to be a tenant of a new landlord in the same property.
The tenant’s legal recognition of the new landlord can have material implications.
You need to know:
What lenders hope you never learn about mortgages
Circumstances like these can arise when there is a foreclosure or sale of the property.
This enables the new owner to avoid liabilities that the previous owner might have with the tenant.
When the property has been foreclosed by a lender due to default of the mortgage, the mortgagee will become the new landlord.
And can be a defense against the former owner’s claim for rental due.
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