Legal Question in Real Estate Law in Arizona
Land Sold, does the lease of the business carry over?
I own a bar that is on someone elses property, i rent the building from him. he is in the process of selling the land, my question is, does the lease carry over? in my lease agreement it is not mentioned either way. Would i be able to renegotiate my lease, or even get out of it all together?
2 Answers from Attorneys
Re: Land Sold, does the lease of the business carry over?
Yes, Yes and No!
A lease is an equitable interest in the real property, that is, it gives you the right to the use of the property. Therefore, the sale of the property is subject to your lease. You always have the right to renegotiate or modify the terms of the lease agreement, if you have the consent of the landlord. The sale of the property does not give you the right to get out of the lease. Perhaps, the buyer would like to terminate the lease, so there is no harm in asking.
Re: Land Sold, does the lease of the business carry over?
Does your lease say anything about a sale? If so, your rights would be governed by the lease. Otherwise, I agree with the previous answer posted.
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