Hello CRE,
I come here because I figured you guys buy buildings all the time and I hope that some of you have had to kick someone out. Anyway, I will get to my issue:
I have rented an office space for 30 YEARS! Now it seems the owner is in a middle of a sale. We (tenants) LOVE this place as we pay half or even less of what a normal rent will be and the place is nice and in great location.
My problem is that I am sure the new owner will want to raise the rent to normal rents. Is there anything we can do? Or at least me that has so long here? others have 3-6 years. Its 5 office spaces.
I know its not to many laws to help us as there is for residential. Will leases be respected as long as we pay rent? are our leases voided?
Thank you for all your comments.
I am from California.
Surely, the existing owners of the building should notify you when a new policy is specified by the forthcoming owner. Better have an agreement if you wish to still consume the lease on your office place.
Why don’t you make purch offer?
Suggest you talk to owner and see if you can’t buy your bldg…find out what he’s wanting, what other party’s offering and figure some kind of deal that’d be better for owner.
The existing Owner should legally notice you about the building sale and they must notify the forthcoming owner about the policy and agreement which they signed with the tenants.
I own six franchised pizza restaurants, and two of the shopping centers we’re in changed hands in the last few years. First, you are given notice. Second, the buyer MUST honor your lease. I have seen where the landlord wanted to change something in your existing lease, but that is normally accompanied with some kind of concession or buy-out. Bottom-line, if you have a lease, the buyer must honor it.
Hello
I think Charleskinard and John Merchant had given you lots of ideas and I am sure those idea will definitely help you.