should a landlord give you proper notice when he/she is selling the building where your business is located?

Asked by Concrned Business, Philadelphia, PA Tue Jul 3, 2012

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Larry Lichtm…, Agent, Bala Cynwyd, PA
Wed Jul 4, 2012
Of course. The terms and notice periods should be stated in your lease.

If you would like assistance reviewing your lease, please feel free to contact me.

Have a Happy Independence Day!

All the best,
Larry Lichtman
REALTOR, Property Manager
Your Real Estate Resource For Life
Cell/Text: (267) 254-7994

Real Estate & Insurance
1611 Snyder Avenue
Philadelphia, PA 19145
Office: (215) 271-7070
Fax: (215) 271-7071
1 vote
Sheri Curci, Agent, Newtown, PA
Thu Jul 5, 2012
U should B... Mr Concerned, There should be a condition noted on your lease IF..... it’s a (PAR) lease = Pa Assoc of Realtors lease.

All the Best, John Curci RE/MAX Properties 215-757-2889
0 votes
Edmund Choi, Agent, Paoli, PA
Tue Jul 3, 2012
My suggestion is that you review your current lease, as it probably defines protocol for this situation. If not defined or if you are uncertain of the language, please contact an attorney to review your contract with the landlord.
0 votes
Carol Cei, Agent, Maple Glen, PA
Tue Jul 3, 2012
Typically and agreement of sale will indicate that the buyer must abide by the terms and conditions in the existing leases. However, sometimes, in commercial transactions, buyers use attorney-prepared agreements.

To be on the safe side, carefully review your current lease. If you have any questions I would be glad to try to help you. At the end of the day, you and the landlord MUST abide by the terms of the existing lease or there will be a default.

Good luck with everything,

Carol Cei, ePRO, Realtor
ReMax Platinum Club
Five Star Professional
ReMax Action Realty
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0 votes
., , Reston, VA
Tue Jul 3, 2012
Just to ease your worries if you do have a lease with them even if the property was bought the lease would still be valid and the new owner would have to honor it.

Hope that helps!
0 votes
Laura Feghali, Agent, Stamford, CT
Tue Jul 3, 2012
Yes, I agree that you should check your lease to determine if the landlord is required to give you some notice when he sells the property.
Know that your lease agreement is still valid when the property changes ownership if the lease date expiration is beyond the purchase date.

Good luck to you!

Laura Feghali
Prudential Connecticut Realty
0 votes
Alexander Sh…, Agent, Huntingdon Valley, PA
Tue Jul 3, 2012
Depends on your Lease Agreement.
Review your lease agreement and see if there is a clause that deals with just that.

If there is nothing in your lease regarding that then no notice is required, it is just a courtesy.

Alexander Shulzhenko
Realty Mark Cityscape
267 738 0886
0 votes
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