Legal Question in Real Estate Law in New York

Re: lease agreement

There is not a whole lot you can do. Did you know about the billboard before you bought the property? Were you tricked into thinking the billboard was on someone else's property? Did your title insurance policy (you bought title insurance, didn't you?) omit any mention of the billboard?

Most likely, you are chargeable with notice of the billboard and with the fact that it was on your land. Even if the seller lied to you, if you took title to the land without objecting, it's likely too late now: once you took title, your rights under the contract vanish except to the extent that the contract provided expressly that the rights would survive the closing.

Look to the lease. Read the lease carefully. Was the lease recorded? If not, you may have an angle. Is the lessee paying the rent? On time? Is there an "additional rent" clause that enables you to charge a % of what the lessee receives for posters on the billboard? Maybe you can default them for nonpayment of rent.

Is the billboard an eyesore?

Have you been named as an additional insured on the billboard company's insurance policy (for pity's sake, if you are not then you need to get insurance, including media and advertising injury insurance, immediately before you get sued because someone takes offense at the ads posted).

In short, you have a headache. If you had counsel when you bought the property, you have every right to yell at him or her. If not, then you have only yourself to blame; very much a case of pay me now or pay me (much more) later.

Unfortunately, you need to engage an attorney to address these issues. You want someone who understands advertising law. Good luck.

This post is not legal advice and does not create an attorney-client relationship. It is a comment on the legal question posed by the poster and should not be relied upon unless and until an attorney-client relationship is entered into. Doing so would require signing an engagement letter and depositing a retainer to secure payment of legal fees.

Re: lease agreement

Generally, the sale and purchase of real property is subject to the leases, rents,licenses and easements on the property.

Thus, Cancellation or Vacutur of such encumbrances, is generally pursuant the Contract giving rise to the encumbrances.

So, you first Need a lawyer to carefully review the Sign Contract to determine what remedies you may have, if any, concerning cancellation or termination of the Contract.

You should also investigate whether the sign was "legally" placed per local ordinances, re size, type, placement, and so forth.

Check with your Closing attorney. AND, carefully review your Sale and Closing Docs for the purchase.

Your contract, survey, Reading, Title Report and Policy, may help to determine whether the sign Contract terms were disclosed; and whether there was any fraud or misrepresentation. The docs may also reveal to you whether you can allocate liability and the costs of your "sign" problem to another.

Good luck,

Phroska L. McAlister,ESQ

Re: lease agreement

Read the lease. Usually leases bind subsequent owners. You should have known about the lease when you purchased the property.

Good Luck

RRG

Re: lease agreement

I concur with the other commentators, but reserve further comments until I knew more about your closing, the assignment of the lease to you as part of the closing and the opportunity to review the lease, if possible (you could fax it to me at 973-377-8167. I presume the property is commercial property, that all billboard permits were applied for and obtained, that rent and other payments are current and there are no reasons or provisions of the lease that allow you to terminate it prior to its natural termination. Without the opportunity to review the lease, nothing more than general information can be provided, which you have already received.