Which of the following statements about listing leased properties is NOT correct?

The statement that the seller is no longer contractually obligated under the lease once the sale is completed is not correct. When a property with existing leases is sold, the new owner typically assumes the responsibilities and obligations outlined in those leases. This means that the lease agreements remain in effect, and the seller is still bound to the terms until the lease is terminated or expires.

The other statements accurately reflect the principles involved in leasing properties. Transfer of lease terms is a common occurrence in property sales; current tenants must indeed be notified of the sale to ensure they understand their rights and obligations; and leasing agreements generally remain binding on the new owner, as the lease is an encumbrance to the title of the property. Understanding these dynamics is crucial for real estate professionals, as they navigate the complexities of property transactions and tenant rights.