Legal Question? Is anyone a Lawyer

[treynolds]

The building that i am now renting for my buisness has just been forclosed on. Would this mean that my landlord has defaulted on the lease and i no longer have to honor it also? The reason i ask is because there is a better location available now and im trying to see if i am able to move out without being liable for rent, but the bank that has taken over will not give me a straight answer. If anyone knows please let me know.

Thanks
Tyler

 

[saint]

here they come

 

[danmurphy jr]

In California

In California

You have a lease agreement with the owner or property manager of your building. The bank is the lender not owner. Your landlord used the property as collateral for the loan. He then takes what steps to pay the loan back.
Were the property sold to another party with the business leases as part of the selling price, you would be lease liable. This benefits you as well as the new owner would be obligated to honor the lease as written.
If I were you, I'd give legal notice and vacate.
You are reading this, so go on line to your state's DRE or legal aid site to get free advice. Try Google or ask jeeves.com Goodluck!

 

[treynolds]

thanks for your help dan i appreciate it

Tyler

 

[IntenseOperator]

here they come

:142lmao: :142lmao: :142lmao: