Legal Q&A: I’m a tenant and the condominium I am renting has just gone into foreclosure, do I have to get out?

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In 2013 a new law came into effect protecting Illinois renters in foreclosed properties. As a result, if the property you are in is foreclosed upon and a new owner takes over, the new owner (new landlord) has to honor your existing lease or provide sufficient notice so you can find new housing. The new landlord may terminate a lease established prior to the confirmation of sale only at the end of the term of the lease, upon no less than 90 days’ written notice or in the case of a lease that is for a month-to-month or week-to-week term, by no less than 90 days’ written notice.

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