Landlord sold retail property. As a Tenant what do I need to know/ask?
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[{"id": "hd800v0", "text": "Lease. They should honor same terms on the lease.  Some suddenly raise the rent before expiry. That is illegal.", "replies": [{"id": "hd815xu", "text": "Unilaterally raising rents isn\u2019t allowed, but coming in and trying to renegotiate is certainly legal. We often get retails tenants to agree to higher rent in exchange for other things they want, like an extension on their current term. They\u2019re worried that the new owner has different plans for the space, so are often relieved to be able to extend their term further into the future.", "replies": [], "depth": 2}], "depth": 1}, {"id": "hd8doid", "text": "Just ask for contact info of new owner and where to send check. Your lease is a legal document that is honored and will stay the same.", "replies": [], "depth": 1}, {"id": "hd8wt7x", "text": "**Question to ask:**\n\n1. Where do I send my rent check?\n\n**What do you need to know:**\n\n1. Their mailing address.\n\n**Things to be careful of:**\n\n1. Remembering to put a stamp on the envelope.", "replies": [], "depth": 1}, {"id": "hd9bhox", "text": "New LL should abide by your existing lease.\n\nIf the new owner is a good operator they should have proactively implemented a transition plan which includes notifying (hand deliver and/or certified mail) all the tenants on where to send rent as well as contact info of leasing/maint well before having TT having to ask.\n\nIf you provided a security deposit to the old LL, confirm with new LL they took over the security deposit (confirm amount).  Typically, during the sales process, the buyer will require seller to provide estoppel certificates from TT (sometimes, only a portion of total TTs are req'd) and/or conduct TT interviews.  If you had to review/provide one, it should have specified the security deposit (if any) that the old LL held as well as confirmation of the lease term that's in place.  \n\nFyi, if existing LL comes to you for an estoppel, take the opportunity to review as well as add any issues/problems you may have with your space/center (i.e. roof leaks, pest infestation, worn out signage paid by LL, poor security/maint, etc). It's a sure way to get the LL attention so as not to impact the sale.  It's one of few times where TT has the upper hand.", "replies": [{"id": "hddmlzv", "text": "Thank you for writing such a detailed reply! Good information.", "replies": [], "depth": 2}], "depth": 1}, {"id": "hd9cafo", "text": "re-read your lease", "replies": [], "depth": 1}, {"id": "hd9nomb", "text": "Is your lease full service or triple net. If triple net, congratulations your rent just went up.", "replies": [], "depth": 1}, {"id": "hd9rgrh", "text": "Is your lease recorded in the public registry? Were you asked to sign an estoppel?  This is a simple document that most \u2018professional\u201d buyers ask the tenants to sign generally prior to the sale so that they can confirm independently that the lease terms of each tenant are what the seller says they are.  It will generally confirms your basic lease terms as well as state there are no existing defaults, back rent, or prepaid rent.  Laws are different in each state but in my state if the new landlord accepts your rent check then they are deemed to have accepted your lease.  Get an attorney quickly if they refuse or fail to cash your check.  In some states, the landlord does not have to recognize an unrecorded lease that is greater than 1 year in length.", "replies": [], "depth": 1}, {"id": "hda3jgl", "text": "If you have options in your lease that are under market value, make sure you look at when you need to exercise those options and put those dates in your calendar.  A larger LL would rather negotiate a higher rate rather than let you take a lower option.", "replies": [], "depth": 1}, {"id": "hdn6zj9", "text": "New property owner is required to adhere to Tenant's current lease.  Only changes would be where to send the rent.", "replies": [], "depth": 1}]