The sale of the property does not automatically end a lease or month-to-month rental agreement. When a rental unit is sold, tenants must be notified of the new owner's name and address either by certified mail or by a revised posting on the premises.
All deposits paid to the original owner must be transferred to the new owner, who must put them in a trust or escrow account. The new owner must promptly notify tenants where the deposits are being held.
