Does a new landlord have to honor a commercial lease?
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Does a new landlord have to honor a commercial lease?
I recently signed a 5 year lease on a commercial property to move my business to. Before I moved in, the landlord informed me that he was selling the building and that the new landlords would not honor the lease? Can they do this?
Asked on April 15, 2012 under Real Estate Law, Ohio
Answers:
Glenn M. Lyon, Esq. / MacGregor Lyon, LLC.
Answered 11 years ago | Contributor
It depends. Look to the terms of the lease to determine whether the landlord as the right to do so.
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If you signed a commercial lease with the owner of property that had yet to sell it, the new owner takes ownership subject to the lease that you signed as a matter of law. The new owner is required to honor the lease that you entered with the prior owner. One option is for the owner of the property to buy you out of the lease that you entered into if you do not want to go through with it. I suggest that you consult with a landlord tenant attorney about the situation you are in to further assist you if you have any additional questions.
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