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Updated over 6 years ago,
Commercial bldg purchase inherit biz tenant with Lease, QUESTION?
I'm in the process of purchasing a commercial building with two business spaces. One of the spaces my startup business will occupy and the other space is currently occupied by an existing business with a commercial triple net Lease in place. House hacking business style! :)
I'm wondering about the details of how the transfer takes place from the current building owner to new building owner/landlord. I'm assuming the lease stays in place and I don't need to write anything new, or am I mistaken? Should a lease amendment/addendum be written to say that building ownership has changed and future rent payments can be submitted via XYZ? Or do I just send a notice to the tenant telling them how to contact me and how to submit rent payments etc. I do have an attorney handling the purchase closing. I also have a separate business entity that the building will be titled under, different from the startup business that I will be operating in the building.
Feel free to share anything you think may be helpful for me to be aware of. If anyone knows of an article that already covers these details or a podcast episode, feel free to share and I will check those out. Thanks for your input!