After months of scouting Brevard County, you’ve finally found the perfect location for your business. You’ve negotiated the terms of your lease and you’re confident you can focus on the next phase of your business plan. But a few months down the road you receive a surprising letter. Your building is up for sale! Does this mean you’ll face eviction soon? Today we’re answering a few basic questions about the things you need to know when commercial real estate sells mid-lease.
The terms of your lease will determine what happens if the property is sold during your agreement. In most cases, it will be a seamless transition. The lease will carry over so you become the new landlord’s tenant.
Another possibility is that the lease will terminate and the new owner will compensate you based on the terms of the commercial property lease. This is only if the lease states that should the property be sold, the landlord has the right to terminate the lease agreement. This is one reason Ullian Realty recommends tenants have their attorney review their lease.
If you decide not to renew your lease once your term is up, trust the experts at Ullian Realty to help you find your new space in Melbourne, FL. Our team will guide you in finding the best property for your needs. Contact us to learn more about how we help businesses find commercial property to lease in Brevard County.
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