Real Estate Law
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Because of those lease options can we sell with no liability? Will new owner be able to move forward with his plan?
As long as you disclose the lease options, then you have no liability. But the new owner would take the property subject to any existing contractual obligations that you entered into with the tenant. A sale doesn't cancel out any prior contracts. If they want the tenant out, they would have to buy out their options and existing lease if the tenant would agree to sell. Otherwise the new landlord is just stuck with that tenant until their lease and options finally expire.
As an aside, in addition to being an attorney, I have also been a landlord for over 26 years...
Correct. A sale doesn't cancel any existing leases unless the lease specifically states it will or this is a foreclosure sale where any subordinate interests to the mortgage are extinguished.
That is the blessing and curse of long term leases with options...it fixes the parties' respective rights for a long time.