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    tjalas64's Avatar
    tjalas64 Posts: 2, Reputation: 1
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    #1

    Jun 3, 2009, 10:22 AM
    Lease termination if property is bank owned and sold to a new owner
    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's Avatar
    this8384 Posts: 4,564, Reputation: 485
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    #2

    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's Avatar
    tjalas64 Posts: 2, Reputation: 1
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    #3

    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's Avatar
    this8384 Posts: 4,564, Reputation: 485
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    #4

    Jun 3, 2009, 10:33 AM

    So, you plan on buying the property, and then subletting it?
    LisaB4657's Avatar
    LisaB4657 Posts: 3,662, Reputation: 534
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    #5

    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.
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