View Full Version : Lease termination if property is bank owned and sold to a new owner
tjalas64
Jun 3, 2009, 10:22 AM
I am in the process of buying a small business that is currently bank owned. I will establish a lease with the bank. If the bank sells the property do I have to re-negociate a lease with the new owner or does the lease I have carry over until the expiration date?
this8384
Jun 3, 2009, 10:24 AM
I'm not following. Are you planning on buying the property or just renting it from the bank?
tjalas64
Jun 3, 2009, 10:28 AM
I am buying a business that is in a mall that bank owned and would be leasing the building that the business would be conducted out of that building.
this8384
Jun 3, 2009, 10:33 AM
So, you plan on buying the property, and then subletting it?
LisaB4657
Jun 3, 2009, 10:41 AM
If the bank owns the building at the time you sign the lease, and if the lease doesn't say anything about the bank having the right to terminate the lease upon a sale of the building, then the new owner will have to honor your existing lease.