Legal Question in Real Estate Law in Michigan
Buying commercial BLDG. that is leased
I'm in the process of buying a commercial building, I was told the property is leased to someone through 2007. As we are about to close on this deal I'm told their lease is untill March 2008. I need to move my business ASAP. Do I have to honor this lease. I don't think we can wait.
2 Answers from Attorneys
Re: Buying commercial BLDG. that is leased
It will depend on the terms of the purchase agreement. If you take the property subject to the lease, then you are subject to the lease. If this clause or something similar is not in the purchase agreement, then the tenants will have a dispute with their prior landlord, not you. However, you will have to legally evict them.
(Please do not rely on this communication which does not create an attorney-client relationship and which is intended merely as a discussion of legal principles and is not to be relied upon.)
If you have further questions or concerns, or desire more specific information, please contact me at www.lawrefs.com.
Re: Buying commercial BLDG. that is leased
It depends on the lease agreement between the tenant and current landlord. You need to read it to determine what breaks the lease.
You can always offer to buy the tenant out of the lease if all else fails. Who knows . . . maybe the tenant would like to break the lease also.
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