Check your state laws for any exceptions as well as the existing lease agreements. A local title attorney or RE agent should be able to advise you on the specifics.
There are some exceptions. For example, in the case of transfer of title through foreclosure the lease is often disolved. However, in a normal sales tranaction generally when the property is sold the lease agreement is transferrred to the new owner.
Also, any deposit should be transferred. Lease agreements should be reviewed throughly prior to the sale to verify any exceptions. General rules of thumb may not apply if the contract states differently.