Aug
03
i lease a commercial property that has been sold what rights do i have?
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i lease a commercial piece of property in palm beach county florida and it has been sold i am 8 months into a 3 year lease. does this mean that my landlord is in breach of contract? does the new owner have to honor my lease? and info would help..
our current landlord is trying to evict us. i was told verbaly that papers were in the mail
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1 Comments
June 13th, 2009 at 4:44 pm
The landlord is not in breach of his contract with you. When commercial properties get sold, the contracts will transfer to the new owner. All of the terms and agreements will remain the same, you just pay to the new owner.
To be honest, if it wasnt for your contract and those of the other tenants, then maybe the property wouldnt have sold. Why you ask? well, investors of commercial properties want to make sure that they will be receiving income from their investment. No income (ie – no tenants), then they would probably reconsider the price or not buy at all. This all relates to the income capitalization rate for commercial properties.
so basically, I would guess that the new owner is glad that your unit is under a 3 year contract. I wouldnt be too paranoid or worried.
Good luck.
UPDATE: so the new landlord is trying to push you out huh? Well, you now have to check whats in your lease, as that will determine what rights you have and what rights the landlord has. Typically, lease contracts run with the building, not the owner. You were given the space for 3 years, and that cant be taken away without proper cause.
Check for a clause called “successors”. ususally there is something that will state that your contract is binding on future owners or anyone that has a future interest in the property.
by the way, notice by phone or conversation is not considered offical notice. Usually they have to put it in writing. So Im afraid that you’ll just have to wait and see what this new landlords plans are and move from there accordingly.
Good luck.