Get Legal Help Today
Secured with SHA-256 Encryption
Recently I negotiated a 5 year
commercial priperty lease with a man
and put in a business. 2 months into
the lease, the landlord sells the
property. Is my lease still protected
under the new ownership? This is in
Asked on May 2, 2016 under Real Estate Law, Arkansas
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 4 years ago | Contributor
Yes, the lease is still in effect, unless the lease has a clause or term in it saying that it terminates (or may be terminated by the new owner) on sale of the property. Otherwise, in the absence of some limitation in the lease itself, the building owner (your former landlord) can only sell what he himself had--and what he himself had is a building with a 5 year lease on space in it (well, four years and 10 months remaining). The buyer takes the building subject to all then-in-effect leases.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.