what happens to commercial lease if property is sold?
154217
No. All property is sold subject to existing leases, so your existing lease cannot be "voided" (or terminated) simply because the property is sold. ... Those provisions usually call for lump-sum payments to the tenant as compensation for the remaining unused term of the lease.
1380018
If it goes under contract, walk away and find another property that has been on the market for awhile and offer your price. It's a buyer's market at the moment assuming you can secure finance. Agents generally lie so much they trip over themselves.
518887
When a business is sold, there is a technical termination of employment, even if you continue working the same job for the new employer. ... The job with the new employer does not have to start immediately. As long as the job starts within 6 months of the sale, no employment loss is considered to have occurred.
566711
In general, retail sales of tangible personal property in California are subject to sales tax. ... Generally, the tax imposed in lease transactions is a use tax on the lessee measured by rentals payable. This is true when the lease is one that is considered a continuing sale and purchase.
888083
Once the tenant enters into an insolvency process the landlord's rights may however be modified. ... However, if the tenant company is in liquidation there is unlikely to be any necessity for the company to retain its leasehold premises. The company would generally have ceased trading and its assets will be realised.
1447014
Sell the Property with an Active Lease In almost every state, the lease and security deposit must be transferred with the property, and the new owner becomes the new landlord. A fixed-term lease does not automatically terminate when a property is sold.
179261
What happens when the leasehold expires? If the leasehold of your property does expire, then the property will revert 'back' to being a freehold instead of a leasehold. This will therefore mean ownership of the land and building will go back to the freeholder.
628063
Nothing will happen to your tenancy during the contractual term. Your landlord's interest will be sold subject to any existing leases, which means that the buyer will inherit you as a tenant and become your new landlord.
62482
['How much is the rent and when will I have to pay it? ... ', 'Can I legally use the property for my business? ... ', 'Can I cancel the lease is my circumstances change unexpectedly? ... ', 'Who is responsible for repairs? ... ', 'Who is responsible for buildings insurance?']
1075433
You Could Surrender Your Property to the Land Owner Leasehold properties have an expiration date and depending on the terms of the lease; you can lose your property at the end of the lease.
856982
When a tenant dies, their personal property remains with the rental unit and the estate. After the lease is terminated, the landlord may remove the tenant's property from the unit. While the existing lease is valid, the items must be secured by locking all doors and windows and changing the locks if permitted legally.
45710
The fact that the terms of the lease has come to an end does not mean that you have to leave the property. Unless you or your landlord takes specific steps to end the agreement under the lease, it will simply continue on exactly the same terms. You do not need do anything unless you receive a notice from your landlord.
277121
Yes, a landlord can certainly sell his property, even with you living there under a lease. The good news is that the lease doesn't go away. The new owner has to buy the place with you in it. ... The notice must be in writing and state the day and time the landlord is going to enter and for what purpose.
536830
On the expiry of a 99-year leasehold, ownership of the land reverts back to the state, and the rights of any property owners are effectively extinguished. But surely property owners will be entitled to fair compensation for their homes that remain on the property Unfortunately not.
658875
Your landlord's interest will be sold subject to any existing leases, which means that the buyer will inherit you as a tenant and become your new landlord. ... If you have been advised of an intended sale by your landlord you may want to make initial enquiries to find out what the new owner intends to do.
203084
Commercial property owners can opt to charge VAT at the standard rate (currently 20%) when selling or leasing their property. When a vendor or landlord opts to tax a property, they must usually charge VAT on all supplies they make relating to that property. Therefore, they must charge VAT on the sale or rentals.
73520
When their land leases expire, these co-ops will be dissolved and the apartments will once again become rent regulated, with the landowner becoming the landlord, Mr. Saft said. Unless new terms are negotiated, the co-op shareholders could become tenants of their former homes.