QUESTION
If my building is sold to another owner in downtown area of the city, then is my lease agreement still valid with the new building owner?
Asked on Jan 10th, 2014 on Landlord and Tenant Law - Minnesota
2 ANSWERS
Personal Injury Attorney serving Kent, WA
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Law Offices of Wayne J. Wimer, Inc. P.S.
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Unless your lease provides to the contrary, the new owner accedes to all rights and duties under the existing lease.
Answered on Jan 14th, 2014 at 4:49 PM
Business Planning Attorney serving Roseville, MN
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Batten & Beasley, PLLC
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It should be. A lease is a limited property interest, so unless you signed a wavier or there is a specific clause in your lease addressing that issue, the lease should be assigned with the sale.
Answered on Jan 14th, 2014 at 4:33 PM