Important Lease Question

[LUCHINI]

If you are leasing a commercial property and your landlord sells the property with 5 year left on the lease.

1. Does the new owner (landlord) have the legal right to refuse a new lease to the current tenant?

2. Does the new owner (landlord) have the legal right to raise or dishonor the previous lease the rent?

I got a phone call from my landlord that the property I am leasing is up for sale.

What’s your knowledge with this?

 

[redcee]

This is knowledge based on my experience with my parents business and may be different from state to state.
The new owner purchases the property assuming all liabilites and assets which includes your lease.
They can refuse a new lease to a tenant if your lease does not include an option for renewal after the 5 years.
The new owner cannot raise or dishonor the lease that is currently in place.
Look at it this way, when the owner purchases the new property, they are basically agreeing to accept your lease.
If they dont like they can leave it but the lease is yours until you choose otherwise.

 

[LUCHINI]

i have a 5 year lease with a 5 year option to renew. I am only on my second year. Either way, i am about to put the business up for sale

 

[Sah S!NCere]

it all depends on how the lease is written...