Can my rent be raised if I am in a lease.?

Question

If the owner of the shopping center sells his property can the new owner raise my rent or make me leave to tear the building down?

The building hasnt been sold yet but a guy came in to the shop yesterday and had said that his contract was accepted and that he may buy the building and that his company would help me find a new location. Do I have to move I just renewed a 5yr lease agreement

Answer 1

yes

Answer 2

On a lease agreement no! Month to month yes!
They would have to serve you a legal notice to move, also it is possible since the building is being sold that the new owner could raise the rent becuase when a business property is sold the lease agreement can be voided if stated in the lease agreement, you need to look at your agreeement to see what exactly it states.
As a tenant in the building you have a right to know what the new owner plans to do, you should contact the current owner and ask them what the terms of the sale are.
Usually a notice would have to be given in any circumstances.
The new owner would have to give you a written notice that they wish you to vacate the property in this amount of time, or they where going to tear the building down.
Check with your local Housing Authority or consult an attorney on laws in your state.

Answer 3

Here's the pathetic legal skinny on that one. You have a valid and binding lease with the current owner for the premises you currently occupy. While it is normal for a new owner to purchase and assume the leases existing, it does not always happen. If the new owner did not agree to purchase the leases with the building, you still have a valid and binding lease....with the OLD owner.

If the new owner did not agree to purchase the leases, he can do as he pleases with the building and land. You will have to leave. Meanwhile, you still have a valid lease with the old owner, and are quite eligible to sue his stupid backside in a court of law for breach of contract, including all costs you incur in being forced to move.

Answer 4

Read the fine print. Some contracts have a clause that in forces previous leases. Your lease might have a clause that says the rents doesn't change as long as the current owner retains control of said property, but should he/she sell they is no guarantee.

Answer 5

read your lease, but normally if they buy the property they buy your lease and must uphold the terms of the lease until it expires. they may offer to buy you out of your lease though. but i think it would be stupid on their part to get rid of your business esp if ur attracting business to the shopping center. you really need to review your lease with a real estate attorney so they can read the clauses and better clarify.being that you renewed and signed, if they choose to let u stay they cannot raise the rent bc they purchased ur lease "as is" and cannot alter the contract without both parties consent.

Answer 6

Read your lease carefully. The new owner should assume the terms and conditions of your current lease.

Good luck.

Answer 7

Your current rent price must be honored for the duration of your lease regardless of the sale. The new owner can put you out if he really wants to but it involves court and he may just find it easier to let your lease run out.

Answer 8

read your lease....
If a new owner is taking over then you must re-sign a lease so technically they can raise your rent.

Answer 9

yes they can. since it is now under new management and your last contract is no longer valid, the new owners can do as they please, it's unfortunate but true.