Legal Question in Real Estate Law in Illinois
I am looking at leasing a building from a landlord who knows that he is going to default on his loan in 2 years.
The lease he wants me to sign is only until the note is due.
I am reluctant to put a lot of money into the place knowing my lease would expire in 2 years.
Is there a way I can legally bind the bank from honoring my lease when the loan defaults?
Asked on 3/03/10, 10:15 pm
1 Answer from Attorneys
Why would you even consider moving into a place that is going to be subject to foreclosure? Do you really think that the owner is goig to mainain the premises? Pay the taxes? etc. All I can say is your rent must be dirt cheap.
That being said, you cannot bind the bank.
Answered on 3/09/10, 4:39 am
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