Jan
07
What happens to a tenant’s lease after a bank foreclosure & public auction (commercial real estate in Texas)?
By
Landlord allowed bank to foreclose on the building we were tenants in. The building went to auction, but there were no bidders. The bank became the owners. As tenants, what happens to our lease? What are our rights/options? It’s commercial real estate in Texas. Thanks so much for any help.
So are tenants month-to-month? Are the leases void? What if the bank doesn’t offer a new, reasonable lease? Thanks.
Quick Property Sale
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1 Comments
May 26th, 2009 at 7:23 pm
If the bank now owns the property, they will speak with each tenant and new leases will be offered. They know what you are paying and the terms (unless verbal) so they will base the new leases on that. Your options are to work with the bank or new owner or leave the property. Usually, it is a slow process so think clearly and make sure you understand the bank terms or if they sell it (more than likely)you will end up negotiating with the new owner.