• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

Abandoning a commercial property

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

F

fairlawn07

Junior Member
What is the name of your state?What is the name of your state?NJ

Hi,

I have a commercial property in Michigan. I was leasing it for fifteen years. During the last four years I was not able to lease or sell it. I do not have a mortgage.

Is there a legal way to abandon this property? What are legal ramification to abandon it.
Thanks for help.
 


H

HomeGuru

Senior Member
fairlawn07 said:
What is the name of your state?What is the name of your state?NJ

Hi,

I have a commercial property in Michigan. I was leasing it for fifteen years. During the last four years I was not able to lease or sell it. I do not have a mortgage.

Is there a legal way to abandon this property? What are legal ramification to abandon it.
Thanks for help.
Click to expand...
**A: give the property back to the fee simple owner.
 
P

panzertanker

Senior Member
HomeGuru said:
**A: read my response again.
Click to expand...
HG, I think OP is stating he owns the property and had it leased out for 15 years. Now he cannot get anyone to lease it (for the last 4 years) so he wants to abandon it.
Is that right OP?

Does it cost you money to keep it up? Why just "give up" a piece of commercial property you own free and clear?
Can't you sell it? Even if it is for considerably less than what it is "worth", it is better than giving it away for free.
 
P

panzertanker

Senior Member
HomeGuru said:
**A: give the property back to the fee simple owner.
Click to expand...
Fee simple
The complete and absolute ownership of property by a person and his heirs forever without limitation or condition.

I googled that to possibly help you. I don't get the homeowner's laws, so good luck OP.
 
J

Jpony

Member
give it away

He said he tried to sell and couldn't.

Find a charity to give it to, surely there's one that will take it as a donation and might prossibly give you a tax deduction. Or maybe the town that you're in would take it. As long as your name is the registered owner, you're liable for any re taxes and any fines for code violations if the property becomes run down and falls into a state of disrepair. It will eventually be sold for back taxes if you don't pay them and then your problem is gone, however, that usually takes a few years and if someone gets injured on the property, you could still be held liable. HOWEVER, I am not a lawyer. But I wouldn't want something abandonded in my name, considering this sue-happy country we live in. :eek:
 
You must log in or register to reply here.

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top