Commercial Lease
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Commercial Lease
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
Arkansas. Thanks
Asked on May 2, 2016 under Real Estate Law, Arkansas
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 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.
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