Legal Question in Real Estate Law in Minnesota
My wife and I are buying an office building that has openly been for sale to the public for over a year. The one business in that building is telling us we cannot move them or raise their rent. They had a contract with the prior owners through 2015. We planned on moving them to accomodate our needs and possibly raising rent to realistic rent. There was nothing disclosed in our purchase agreement that indicated we would be responsible for taking on their contract. Do we really need to honor the old rental contract with this business or is he just blowing smoke?
1 Answer from Attorneys
No smoke is being blown. If you purchase real estate, you take that real estate subject to any existing contracts. It is an issue that should have been considered as part of the purchase.
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