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Commercial foreclosure. And the tenant and building was sold…

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Commercial foreclosure . And the tenant...
Commercial foreclosure .
And the tenant and building was sold by bank same day to real estate company.Building have occupancy by my business and another part by church.
Should i have the notice from bank to have a possibility to buy and also church should have the right to buy and we should receive a notice from bank building is on sale.bank took posesion same day of deed and same day real estate sign same day transfer or purchase contract.i think is illegal sale should be listed and we should be inform as well.
Submitted: 10 months ago.Category: Estate Law
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Answered in 6 minutes by:
9/27/2017
Estate Lawyer: Barrister, Attorney replied 10 months ago
Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 43,065
Experience: 17 yrs estate law, real estate. Wills/Trusts/Probate
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

.

Should i have the notice from bank to have a possibility to buy and also church should have the right to buy and we should receive a notice from bank building is on sale.
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There wouldn't be any legal requirement for the bank to notify a tenant that the property was being foreclosed on and offer them the option to purchase it.. But I am sure that the real estate company would be happy to discuss you purchasing the building.

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But the bank is free to sell to whoever they choose to once they foreclose on the property. If this was a public foreclosure, then there should have been a public auction of the property to the highest bidder. And anyone can bid at that sale to try and purchase the property. If it was a situation where the owner just deeded the property back to the lender, then that is a private foreclosure and then the bank just takes the property back.

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So it would be an illegal sale as the bank can decide to sell to whoever they want to and have no legal obligation to offer it to a tenant..

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I am very sorry that I don’t have better news, but please understand that I do have an ethical and professional obligation to provide customers with legally correct answers based on my knowledge and experience, even when I know the answer doesn’t make the customer happy...

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.

thanks

Barrister

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Customer reply replied 10 months ago
can you check 937 east 51st street, brooklyn, ny 11203
why on deed is no notary stamp and is out of state "virginia"
I had a lease for another 2 years which shows that my lease can be raised by 3%.
new owner requesting 30% more
Estate Lawyer: Barrister, Attorney replied 10 months ago

I have no way to check on a deed to see if there is a notary stamp on it..

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And unfortunately, when a property is foreclosed on, it wipes out all lower priority contracts, like leases. So since they took out a mortgage first, then later rented to you and the other tenant, your leases are in lower priority so are wiped out by the foreclosure.

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That means that you would have to negotiate a new lease with the new owner of the property or they could terminate your tenancy and evict through the courts.

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I hate that you are the innocent victim here of the landlord's financial problems, but legally that is the way these things turn out.

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Estate Lawyer: Barrister, Attorney replied 10 months ago

Hello again,

.

I just wanted to touch base with you and check in.

.

Did you have any further questions I can help with?

.

.

Thanks much

Barrister

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