• Oregon has policies in place to make sure tenants of buildings that are sold are protected.My Home for sale image by Primabild from Fotolia.com
  
  When renting a space in a private home or apartment building, the possibilty exists that the owners of that building will decide to sell it or, in a bad economy, end up in foreclosure. In Oregon,tenants of foreclosed or sold properties have rights to make sure they don't end up without a home.
  
  

Sold Building

• In Oregon, if the home or building you are renting is sold, the new owner, who is also your new landlord, cannot significantly change the terms of your rental agreement without speaking with you. This only applies to those who have signed a long-term lease. If you are living in the building on a month-to-month basis, the old landlord can issue you are 30-day vacate notice and you can discuss the possibility of a new rental agreement with the new owner. Your old landlord will have your original security deposit which should be returned to you and a new security deposit can be discussed with the new owners if you decide to stay.
  
  

Foreclosure

• In most cases, if the building or home you live in is in foreclosure, you will have to move once the foreclosure is complete and someone else has bought the building. If you are living under a month-to-month lease, the new owners must give you 90 days to leave the building. If you have a lease, the new owners must allow you to stay until the end of your lease or for 90 days, whichever is longer. However, if the new owner wishes to occupy the residence herself, the time left on your lease does not matter and the new owner must give you 90 days to vacate the space. You must continue to pay rent if your building is in foreclosure, but your security deposit will most likely not be returned to you, so you have the option of applying the amount of the deposit as rent. You must notify the old landlord in writing if you plan to do this.
  
  

Tips

• If you are living in a space that has been sold or foreclosed, make contact with the new owners once the building is purchased. Discussing their plans for the space will help you to make a decision whether or not to move. Be prepared knowing your tenant's rights by visiting Oregon's Housing and Urban Development website. You may even consult a lawyer to make sure you are within your rights and allotted the correct amount of time in the residence to find another place to live.