What to do if we own a business in an office park.and our lease doesn’t end until next year but the current owner sold the park and the new owner has raised the rent?
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What to do if we own a business in an office park.and our lease doesn’t end until next year but the current owner sold the park and the new owner has raised the rent?
The new owner has also included someother charges. Does our contract with the previous owner still stand or is it voided with the sale of the office park?
Asked on March 14, 2013 under Business Law, North Carolina
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
When a rental building (or house) is sold, the new owner/landlord buys the premises "subject to" any exisiting lease(s). So what that means for you is that as long as you have a valid and binding lease, then the new owner/landlord must honor it. If they want to increase the rent or make any other changes regarding your occupancy, they will have to wait until your lease agreement expires.
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