cbsproperties
Junior Member
I have a simple question:
I purchased a commercial property in 2013. The tenant is a coffee shop business, and I agreed to honor the existing lease (which heavily favors the tenant) both because I was advised that the law required it and because I thought it the right thing to do. I intend to continue in this fashion.
My question is: do I have ANY obligation to honor the exiting lease if the coffee shop business is sold? The owner of the coffee shop business is talking about selling, and she seems to think that her sweetheart lease would apply to a new owner were she to sell. I say if she sells all bets are off. I'm afraid she might tell potential buyers that her lease is transferable.
The property is located in New York State.
Many thanks for your help.
I purchased a commercial property in 2013. The tenant is a coffee shop business, and I agreed to honor the existing lease (which heavily favors the tenant) both because I was advised that the law required it and because I thought it the right thing to do. I intend to continue in this fashion.
My question is: do I have ANY obligation to honor the exiting lease if the coffee shop business is sold? The owner of the coffee shop business is talking about selling, and she seems to think that her sweetheart lease would apply to a new owner were she to sell. I say if she sells all bets are off. I'm afraid she might tell potential buyers that her lease is transferable.
The property is located in New York State.
Many thanks for your help.