I have a tenant who runs a liquor store. They tell me they want to retire and are selling the biz. I suspect that may not be the full reason, as the area has been notified of a gas station+ convenience store opening up across the street from this location. They are seeking the city's approval to develop the land for this but not sure if it has or when it will pass. When asked about it, current tenant said they made the new buyers aware of the possibility of the gas station/ convenience store but asked me not to mention it to the future tenant as they have already done so and not needed.

I suspect the current tenant has not fully, if at all disclosed this information to the buyer and I do not feel comfortable getting into lease negotiations with the future tenant unless this information is disclosed properly. My worry is I do not want to be held responsible IF this deal falls through. My commerical RE agent friend in another state tells me to make sure it's fully disclosed to the broker in writing via email so that there is a paper trail left showing I made the disclosure. Turns out the broker is representing both sides on this deal. If I do not make the disclosure and it turns out the current selling tenant didn't disclose, then current selling tenant and possibly me could be liable. But if the selling tenant dissolves their entity after the sale, then the buying tenant may only have me the landlord available to sue, not to mention a ruined relationship with a tenant for 10+ years. I feel like I'm looking at a situation where I could end up being sued if not done correctly so I am calling on a few local lawyers for their advice. Just wondering if anyone here has dealt with issues like this in the past and how I should deal with this situation. Also, what if anything else I need to highlight to the RE lawyer.

Tenant selling business, How to make disclosure when they don't seem up and up

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