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Updated over 8 years ago,

User Stats

46
Posts
6
Votes
Douglas T.
  • Investor
  • Dallas, TX
6
Votes |
46
Posts

Listing parking spot/Renter wants to sign another year lease

Douglas T.
  • Investor
  • Dallas, TX
Posted

I'm about to list my Chicago parking spot for sale.  I've had a renter in the spot for a year and his lease ends 10/31.  I've told him that I'm listing the spot and he would like to sign another year lease.  I see advertisements for parking spaces for sale in Chicago regularly that say something about the fact that it currently has a renter with a lease and the buyer would have to honor that lease until it expires.  It's very possible that it would be bought by another investor, so I don't mind doing this for my renter.   Especially since I don't expect it to sell quickly.  Honestly, I wouldn't be surprised if it was still on the market a year from now.  What language should I use in the new lease to indicate to the renter that I have promised him that I will include his lease in any purchase agreement and advertisements indicating the buyer must honor the lease?

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