Full question:
I bought a business 5 years ago and agreed to rent the building for 7 years and then I would buy the building. However, the owners decided to sell early. A new owner came in and nothing ha changed. We have not signed a new lease or anything. Am I obligated to stay in this building and fulfill my original lease or can I leave?
- Category: Landlord Tenant
- Subcategory: Lease Termination
- Date:
- State: Montana
Answer:
A lease is a contract between the landlord and tenant. Generally, a lease cannot be terminated just because the property is sold, unless the lease states otherwise. When a new owner takes over, they usually inherit the existing lease and must follow its terms.
If the new landlord wants to end the lease early, they may negotiate with you, but you would typically expect some compensation for leaving early. It’s important to read your lease carefully to understand your rights and obligations, especially regarding early termination.
If your lease does not allow for early termination, you may be responsible for fulfilling the lease terms unless you can prove that the landlord has violated the lease. Additionally, the landlord is required to try to minimize losses by finding a new tenant, which includes advertising the property and showing it to potential renters. Whether they have made reasonable efforts to do so can be determined based on the situation.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.