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I own a building with two partners. We rent the first floor…

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I own a building with...
I own a building with two partners. We rent the first floor to a very large disco. I am a 25% partner in the disco so the rent of the building comes from me and my partners. We are taking in a couple of new partners in the disco since one is retiring and selling his 25% share. The new partners want a lease which we've never allowed. I recently became a widow. My husband was the partner and now I've taken over. We never had a lease agreement in the past and I don't know if it would be detrimental. The rental is $103,000 per year. The taxes on the building are $48,000 a year but the assessed value will go up because the disco is being renovated. The taxes per year will increase and we would want to charge more rent eventually to cover the assessed value.

Thank you.Brooklyn
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Submitted: 8 years ago.Category: Real Estate Law
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6/27/2010
Real Estate Lawyer: BizAttorney, Lawyer replied 8 years ago
BizAttorney
BizAttorney, Lawyer
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As owner of the building, making the disco sign a lease is in your best interest as if payments are not made by the disco, then you can easily sue the new partners in the disco. More importantly, it creates documentation for everyone involved and makes the agreement enforceable.

Without a lease, then the new disco partners could fail to make payments and get off the financial hook very easily. I know you are making the payments, but it is still wise to do legally in case you are not the only one making payments in the future.

You need to make sure that you include rental increases in your lease to make sure you have sufficient funds to pay for the new taxes etc. Good luck!
BizAttorney
BizAttorney, Lawyer
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Customer reply replied 8 years ago
I don't know how long a lease I should accept. I know the partners want a lease but if the business does not do well am I stuck with them if they have a lease. I might want to turn around and see the building or lease to someone else who may do better.
Real Estate Lawyer: BizAttorney, Lawyer replied 8 years ago
That is completely up to you, but usually the lease term is at least 1 year. Yes, you would be stuck with them if they sign the lease until they fail to pay or breach the lease in any way. If you are unsure about them then do a trial-period lease of 6 months or less. That will give you a better idea and still be long enough to see if they are a good fit.
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