Special Provision in Contract

[Gypsyg79]

In a contract to purchase property to be used for a parking lot the seller put under special provisions the following:

Must give current tenants 120 days to vacate or rent cannot be higher than 1254.00

I know we have to give current tenants time to vacate but can the seller speify that many days?? If we decide to keep current tenants..does seller have a right to restrict amount of rent?? This is supposed to be a fee simple contract. Can seller impose provisions such as these??

 

[HomeGuru]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by Gypsyg79:
In a contract to purchase property to be used for a parking lot the seller put under special provisions the following:

Must give current tenants 120 days to vacate or rent cannot be higher than 1254.00

I know we have to give current tenants time to vacate but can the seller speify that many days?? If we decide to keep current tenants..does seller have a right to restrict amount of rent?? This is supposed to be a fee simple contract. Can seller impose provisions such as these??<HR></BLOCKQUOTE>

Response by HomeGuru:
The Seller can put in any legal provision. You do not have to agree with it. In fact I would agree in all fairness to give the notice to vacate but I would not agree to any rent restiction. The rent restriction would restrict your income and the value of the property based on the highest real estate appraisal approach, the income approach.

 

[Tracey]

Sounds like L is trying to protect Ts. That's a noble thing to do. Why don't you counter-offer with 120 days to vacate OR to raise the rent? That makes it clear that you can't stick it to Ts, but doesn't freeze your income as long as Ts are there.

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This is not legal advice and you are not my client. Double check everything with your own attorney and your state's laws.