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Buying property with existing leases on it
Posted on 10/25/20 at 8:55 pm
Posted on 10/25/20 at 8:55 pm
Looking at buying land with permanent camps on it. Does my purchase void their leases with the existing landowner ? Such as a 5 year lease that still has 4 years on it. What rights do those camp owners have ? Can they be forced out, with a grace period ?
Thanks
Thanks
5
Posted on 10/25/20 at 8:59 pm to lsufan112001
If the lease is recorded at the court house, you are shite out of luck and will be their landlord with the terms spelled out in the lease for as long as it was agreed to
Posted on 10/25/20 at 9:04 pm to lsufan112001
Depends on the lease. You need to see what it says in that regard.
I lease houses and my lease states that if I decide to sell, the lease is void.
I lease houses and my lease states that if I decide to sell, the lease is void.
Posted on 10/25/20 at 9:24 pm to Tigerpaw123
It’s not recorded. Basically a simple lease.
What if they won’t move? Can they get an attorney and challenge ? Some of these owners are using the camps as a permanent residence.
What if they won’t move? Can they get an attorney and challenge ? Some of these owners are using the camps as a permanent residence.
Posted on 10/26/20 at 6:33 am to lsufan112001
quote:
What if they won’t move? Can they get an attorney and challenge ? Some of these owners are using the camps as a permanent residence.
If it’s a major issue you need to have the current owner deal with it and not close until it’s dealt with.
Posted on 10/26/20 at 8:57 am to lsufan112001
Seller typically requires leases to be assigned at closing. Lenders want that as well.
Posted on 10/26/20 at 9:00 am to baldona
You are entitled to rely on the public record. If it is not recorded you are not bound by it. If you tell the seller to straighten it out and he contacts the tenant, one thing that will do is alert the tenant that he should run down to the courthouse and record the lease.
Posted on 10/26/20 at 9:57 am to lsufan112001
I have no idea what state you are in or what the laws in your state dictate. But in my state, commercial leases, and some long term residential leases, are typically recorded at the courthouse. But even if not recorded, (in my state) that doesn’t invalidate the lessee’s leasehold interest in the property. Your state may be different. I don’t know and I’d suggest that you contact a competent real estate attorney before proceeding.
Posted on 10/26/20 at 10:41 am to lsufan112001
I'm assuming you are buying the land and the leasehold improvements are owned by the tenant?
As a tenant, I can't imagine building a structure on leased land, and not having it recorded.
If it wasn't, you may be able to void the lease... but at what cost and headache?
I would tell the seller to get rid of the leases, or plan on buying the land and just waiting until the leases run out before you do anything.
As a tenant, I can't imagine building a structure on leased land, and not having it recorded.
If it wasn't, you may be able to void the lease... but at what cost and headache?
I would tell the seller to get rid of the leases, or plan on buying the land and just waiting until the leases run out before you do anything.
Posted on 10/26/20 at 9:34 pm to LSUFanHouston
I’m amenable to extending the leases. But it’ll have to end and they won’t be happy. And will probably fight back.
Thanks for the courthouse advice.
Thanks for the courthouse advice.
Posted on 10/27/20 at 1:12 pm to lsufan112001
It depends if the purchased agreement contains "subject to" or "assumption" language in connection with the lease. The "subject to" language would mean that there lease would continue until the term of the lease expires. "Assumption" essentially makes you a landlord. Even if you have actual knowledge of the unrecorded lease, you are a third party and an unrecorded lease will not have any effect on you.
Posted on 10/27/20 at 3:57 pm to Coach Buzzcut
It really comes down to whether or not you want to deal with them, and I wouldn’t. Especially if it’s multiple. The current owner is going to have more luck and the leases should be considered in the price of the land. If they bring in value or decrease it.
A third option is that you could get the current owner to have the tenants sign a new lease with you contingent on the sale of the property. More favorable terms for you.
A third option is that you could get the current owner to have the tenants sign a new lease with you contingent on the sale of the property. More favorable terms for you.
Posted on 11/10/20 at 3:20 pm to Coach Buzzcut
. Even if you have actual knowledge of the unrecorded lease, you are a third party and an unrecorded lease will not have any effect on you.
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So I can do as I wish ?
A third option is that you could get the current owner to have the tenants sign a new lease with you contingent on the sale of the property. More favorable terms for you.
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Good idea
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So I can do as I wish ?
A third option is that you could get the current owner to have the tenants sign a new lease with you contingent on the sale of the property. More favorable terms for you.
—-
Good idea
This post was edited on 11/10/20 at 3:22 pm
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