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Updated over 7 years ago, 05/27/2017

User Stats

97
Posts
23
Votes
Fausto Carosella
Pro Member
  • Real Estate Broker
  • Boca Raton, FL
23
Votes |
97
Posts

Lease Clause for POSSIBLY moving back into primary thats a rental

Fausto Carosella
Pro Member
  • Real Estate Broker
  • Boca Raton, FL
Posted

So here's a hypothetical situation: 

If I'm renewing someone's lease in a unit that I may consider occupying myself depending on changing life circumstances that may or may not occur how could I word that type of clause and technically can I? I currently have this portion of a clause in my leases:

In the event that Lessor contracts to sell the Premises, Lessor shall have the option, in its sole discretion, of either (a) requiring Lessee to attorn to the purchaser and recognize that purchaser as Lessor under this Lease or (b) terminating this Lease upon not less than sixty (60) days’ notice to Lessee..

I don't necessarily want to alarm and or potentially lose a great tenant by saying "Hey I might have to make you leave because I actually want to live there!" when the need for me to move in there might never even arise.... so how might I word the clause? 

I'm thinking of inserting the word homestead...

In the event that Lessor contracts to sell or homestead the Premises, Lessor shall have the option, in its sole discretion, of either (a) requiring Lessee to attorn to the purchaser and recognize that purchaser as Lessor under this Lease or (b) terminating this Lease upon not less than sixty (60) days’ notice to Lessee..

What are some thoughts? I could also just quitclaim it to an LLC if I HAD to I suppose, to change ownership but I'd rather avoid that if possible.

Any feedback is much appreciated! Thanks!

  • Fausto Carosella
  • Loading replies...