A potential buyer or a new owner of a property — be it short sale or standard purchase — must honor an existing lease agreement unless that lease agreement specifically contains a provision for the termination of the lease in the case of sale.
Otherwise, the new property owner is typically bound by the existing lease language and must abide by the terms of the lease agreement.
To create a legal and valid Lease Agreement without the expense of an attorney, see Standard Legal’s Lease legal forms software here.