If a family member of the deceased inherits a property with a business on it, and the lease agreement with the deceased family member is not up yet (actually was renewed with the power of attorney, under original terms, AFTER the original owner died) is the the new owner obligated to follow it? (For example, rent staying the same for 30 years) The lease agreement mentions only the original owner, not the new owner.
2007-09-15 06:20:17 · 6 answers · asked by Susan 5 in Business & Finance ➔ Renting & Real Estate
Yes, by inheriting take all responsibilities of the previous owner.
2007-09-15 06:28:46 · answer #1 · answered by Lucky Chuck 3 · 0⤊ 0⤋
Basically if you have inherited a business the lease will apply however, you will have no rights under the lease. Since the lease is in the former owners name then you will not be recognized by the Landlord regardles if you have purchased the business. The landlord would need to do an assignment to assign the lease in your name, they would charge you a fee about $1500.00, they would need to run your credit and then do assignment paperwork for you to sign. Usually the terms will stay the same until lease expiration when a new lease and new terms will be negotiated.
But yes, all terms under the lease would apply.
2007-09-15 06:44:13 · answer #2 · answered by Weimaraner Mom 7 · 0⤊ 0⤋
The renewal after the owner's death, using a Power of Attorney, is invalid. A Power of Attorney dies with the person who granted it. The person acting as Attorney in Fact did so illegally. However, the tenant is an innocent party to this situation and would probably prevail in court if you tried to break the lease. Additionally, the person who acted illegally as Attorney in Fact could be sued by the tenant for any losses that they suffered as a result of the Attorney in Fact's conduct.
If the person who held the Power of Attorney is now the owner in succession then the lease is valid as it was signed by the owner and the tenant. The tenant WILL prevail in court if you try to break the lease.
2007-09-15 06:38:06 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Yes. You inherit the property with all its assets and liabilities--and this includes the obligation to allow the tenant to stay as long as rent was paid. I doubt a tenant would sign a lease that allowed an heir to break it unless there was some significant reward involved.
2007-09-15 06:30:06 · answer #4 · answered by Anonymous · 0⤊ 0⤋
of direction you should honor the hire agreements. all people who buys actual sources knows that, different than you curiously. rentals are like easements, covenants, liens, mortgages, etc. They run with the valuables. they do no longer seem to be extinguished only because of the fact criminal call is transferred to a clean proprietor. Lesson found out for next time you place funds into income sources. BTW, that's authentic in each and every state, no longer in basic terms Texas. you're additionally in charge for returning the tenants risk-free practices deposits to boot. with a bit of luck you factored that into your purchase settlement.
2016-11-14 12:32:24 · answer #5 · answered by ? 4 · 0⤊ 0⤋
i dont think so, u have the right to end that agreement but there will be a fee!
2007-09-15 06:28:11 · answer #6 · answered by missclare69 3 · 0⤊ 1⤋