New Law to Protect Las Vegas Rental Tenants When Home is in Foreclosure
Renting a Las Vegas Home can be very scary in today’s real estate market. With so many homes going into foreclosure, it’s hard to know if the home you are renting could be next. Many times, renters find out the home they are renting foreclosed after the fact which doesn’t give them much time to find a new home to rent, pack and move. Well now there is good news for renters in Las Vegas. The US Government just passed the “Helping Families Save Their Homes Act of 2009“.
The “Helping Families Save Their Homes Act of 2009” became law on May 20, 2009. It included provisions to protect tenants from eviction as a consequence of a foreclosure affecting the property being rented. The new law requires tenants be given 90-days notice prior to having to vacate, and allows them to stay through the remainder of their lease, if the home will continue to be a rental property. The protections of this law apply only to “bona fide” tenants – who have a written contract, the lease was the result of an arms-length transaction, and the rent is not substantially less than the fair market rent for the property. Under any conditions, tenants may still be evicted if they violate the lease terms. These provisions expire on December 31, 2012.
With the passing of the “Helping Families Ave Their Homes Act of 2009” renters can feel a little more at ease if they get the bad news that the home they are renting has foreclosed. They will have ample time to get their affairs in order and locate a new Las Vegas home to rent.
If you are looking for a home to rent in Las Vegas, feel free to give us a call at 702.376.7379 and we can assist you in finding a home for rent.