Jan
30
Can you void an existing lease if you buy the building and want to take over the spot where someone is leasing
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I’m thinking about moving to relocate my business. The only problem is that the building I wish to buy already has a two year lease in place on the retail store front I wish to use. Can I buy the building and terminate their lease? What are my options?
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2 Comments
January 31st, 2010 at 5:54 pm
Unless the lease has a provision for cancellation upon sale to a new owner, the lease should remain in effect even through a sale.
You can always try to buy the current occupants out of their lease. Otherwise, there’s probably not a legal way terminate the lease prior to the end of its term.
(Another thing to consider — does the tenant have an option to renew? They may be in there for more than 2 years.)
February 3rd, 2010 at 7:30 pm
With a residental lease the answer is no. You are talking about a commercial lease, and your business, so you should check with a local real estate attorney. The provision should also be in the current lease with that tenant (current owner lease). Maybe you could buy out that tenant.