What happens to commercial lease when landlord sells the building?

The landlord sold the building to a new owner. The lease is ending in 10 months

and we plan on leaving after that anyway. What are the options that we have here?

Asked on September 22, 2018 under Real Estate Law, Pennsylvania

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

Absent a clause in the lease to the contrary, real property is sold "subject to" any existing leases. Accordingly, you have the full 10 months remaining to continue to occupy the building. That having been said, if you want out of your lease, the new owner may be willing to let you leave. In fact, you may be able to negotiate to have them pay you to leave early.

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

Absent a clause in the lease to the contrary, real property is sold "subject to" any existing leases. Accordingly, you have the full 10 months remaining to continue to occupy the building. That having been said, if you want out of your lease, the new owner may be willing to let you leave. In fact, you may be able to negotiate to have them pay you to leave early.


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