If I have a commercial lease on a property that was sold at a tax sale, is the lease still good with the new owners?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If I have a commercial lease on a property that was sold at a tax sale, is the lease still good with the new owners?
If not, then how much time am I allowed to vacate?
Asked on April 25, 2012 under Real Estate Law, Indiana
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If the property was foreclosed upon (e.g. sold at a tax sale), your lease and possesion are terminated; unlike a traditional sale, when a building owner sells directly to the buyer, in which case the buyer does take the building subject to the lease, a foreclosure, whether by a bank or a municipality does not transfer the lease to the new owner. You can be asked to leave immediately, and if you do not, the new owner may seek to evict you through the courts. How long that will take depends on how aggressively the new owners move and how crowded or busy your courts are--it would be as short as 4 - 6 weeks, or it could take several months.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.