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Commercial Real Estate Transactions - Part XII

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A building I am considering is occupied by several commercial tenants.  If I buy the building, can I evict them?  REL-1028

Generally not. If a tenant has a legally valid tenancy and is current on the rent and all other lease obligations, the law usually lets the tenant remain in possession until the end of the lease, regardless of who owns the building. Your best bet is to ask the seller of the property for an estoppel certificate concerning each tenant since your ownership of the building will likely be subject to those leases.

To view the above discussion on video, visit http://schecterrealestatelaw.com/a-building-i-am-considering-is-occupied-by-several-commercial-tenants-if-i-buy-the-building-can-i-evict-them/ as featured on Law.TV.


Published In: Commercial Law & Contracts Updates, Commercial Real Estate Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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