New Buyer Wants to Evict Commercial Tenants from Building
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UPDATED: Jul 16, 2021
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If a tenant has a legally valid tenancy, which means a written lease, is current on the rent, and meets all other lease obligations, the law usually lets the tenant remain in possession until the end of the lease, regardless of who owns the building.
Your best bet is to ask the owner for the legal status of each tenant, since your ownership of the building will be subject to those leases. Have the seller obtain and present to you an “estoppel certificate”, which provides critical information from each tenant.