Lease term on the forclosure commercial building
Posted on : 08-05-2008 | By : Legal Information | In : Bankruptcy & Debt, Business Law, Contract Law, Foreclosure, Landlord Laws, Other Legal Topics, Real Estate Law, Tenant Law, Zoning
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My parents have owned a restaurant for more than 10 years. Last year the building was sold two times. The current owner bought the building at foreclosure and now ask my parents to move out from the building. However my parents own the lease term from the original building owner, which says they have the lease until 2010 and then 5 more years optional after that. However the current building owner says since the building was once in foreclosure, the lease that my parents has now doesn’t have any legal term. Is this true?
I would contact a real estate lawyer that specializes in business leases.