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Updated about 10 years ago, 09/30/2014
Disposition of furniture included in lease on sale of property
We have a furnished office building under contract (acting as an agent). The furniture is included in the existing lease that will remain in place with the new owner.
The clause in the lease states that the tenant will "return furniture to landlord at the expiration of lease."
This would mean that the furniture would be returned to the new owner, right? The seller wants to keep the furniture or sell it for an unreasonable premium and the buyer wants it included in the purchase.
We're talking about $10-20K of furniture on a $200K contract.
Any tips to keep this from complicating the sale?
Thanks in advance,
Wm