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KJL LAW, Arbitrator
Category: Real Estate Law
Satisfied Customers: 1360
Experience:  Attorney at Law Office of KJLLAW
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I am buying an investment property that consists of 2

Customer Question

I am buying an investment property that consists of 2 commercial storefronts. The tenant has 3 -1 year options to renew at their discretion. I however am looking to occupy one of the units. The unit I want to occupy is no longer occupied by the same people that signed the original lease. They sold their business, but the lease is in the name of the individuals that are no longer affiliated with the company. Am I still legally obligated to honor this lease?
Submitted: 9 months ago.
Category: Real Estate Law
Expert:  KJL LAW replied 9 months ago.
Good morning. Commercial leases are considered contracts. If the prior owners sold the business and assigned the rights in the lease to the new company then they may have a right to stay in the space, provided the lease did not have a clause which did not allow assignments if he lease. Check the lease.
Expert:  KJL LAW replied 9 months ago.
If the lease has a clause which prohibits assignment without approval of the owner/landlord then you can evict the current tenants for occupying without a valid lease.

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