If I’m renting a commercial property that has been sold for delinquent taxes and I have a lease, what are my rights?
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If I’m renting a commercial property that has been sold for delinquent taxes and I have a lease, what are my rights?
I still have 2 years left on my contract. Should I still be paying rent? He has 4 months to buy back the property or the title will be transferred. If I have to move this would really hurt my business. What can I do?
Asked on February 7, 2012 under Real Estate Law, Illinois
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Unless the new owner of the property that was foreclosed upon due to delinquent taxes wants you to vacate, I would continue paying rent into some agreed escrow account for both the new and former owner to sort out after the passage of the next 4 months.
I suggest that you write both the former and the current owner who has yet to receive legal title for written instructions as to how rent is to be paid in that you are ready, able and willing to adhere to the terms of your lease. If they cannot reach an agreement, you should contact a landlord tenant attorney about the situation and pay your rent to this attorney into his or her client trust account.
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