Connecticut General Statutes 47a-20f – Offer of incentive to tenant in foreclosed property to vacate
Upon the foreclosure of a mortgage or lien of residential real property, any money or other valuable consideration offered by a mortgagee, lienholder or other successor in interest to a tenant in possession as an incentive to vacate the premises shall be at least equal in amount or value to the greater of (1) the security deposit and interest that would be due such tenant pursuant to chapter 831 upon the termination of the tenancy plus any such security deposit and interest, (2) two months’ rent, or (3) two thousand dollars. No mortgagee, lienholder or other successor in interest may require a tenant in possession, as a condition of the receipt of such money or other valuable consideration, to waive or forfeit any rights or remedies such tenant may have under law against such mortgagee, lienholder or successor in interest other than the right to bring an action to reclaim the security deposit and interest that would be due such tenant.
Terms Used In Connecticut General Statutes 47a-20f
- Action: includes recoupment, counterclaim, set-off, cause of action and any other proceeding in which rights are determined, including an action for possession. See Connecticut General Statutes 47a-1
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Premises: means a dwelling unit and the structure of which it is a part and facilities and appurtenances therein and grounds, areas and facilities held out for the use of tenants generally or whose use is promised to the tenant. See Connecticut General Statutes 47a-1
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Rent: means all periodic payments to be made to the landlord under the rental agreement. See Connecticut General Statutes 47a-1
- Tenant: means the lessee, sublessee or person entitled under a rental agreement to occupy a dwelling unit or premises to the exclusion of others or as is otherwise defined by law. See Connecticut General Statutes 47a-1