Legal Question in Real Estate Law in Nevada

Who is reponsible when the Property Management Contracts is sold

I have an issue with the prior property management. However, their management contract was sold to the new buyer. The issues were mismanagement and not screening tenants so now I have damages to the property that occurred during the prior management. I was told that the new property management is the successor of interest and therefore, is liable. However, they argued the following under Section 7.1 as state below:

Section 7.1 Obligation of the Sellers to Indemnify Buyer (e) states �The Seller hereby agrees, to indemnify and hold harmless the Buyer from and against . . . . any claims asserted by any person against the Buyer arising out of , or based, in whole or in part, on any negligent act or omission or intentional tortious conduct by the Seller or the Business or any of their respective employees or agents which occurred at any time, including, without limitation, all claims by any customer(s) of the Seller for any act or omission caused by the Seller at any time.�

I can�t go back to prior company since it is no longer in existence. Would the current management be responsible or the prior management? Since it was sold by a partnership who owned the prior management company, would they be responsible instead?

1 Answer from Attorneys

Related Questions & Answers

More Real Estate and Real Property questions and answers in Nevada

Looking for something else?