If a landlord sells a commercial property while it being tenanted, does the new owner have the right to make t?
If a landlord sells a commercial property while it being tenanted, does the new owner have the right to make the tenant leave and or change the agreements of the previous lease?
- ltLv 47 years agoFavorite Answer
Maybe. It depends on what the current lease says. Most new owners have to honor the existing lease.
- 7 years ago
Burn is wrong.
Commercial property is NOT protected by the laws that protect Residential tenants.
The lease is between the former owner of the property and the tenant. Once the property is sold, the lease (a contract) has expired. The new owner can do whatever they like.
Many businesses have "lost their lease" when the property was sold and they could not afford the rate presented by the new owner or the new owner just didn't want to rent to them anymore.