Tenant Vacating Ground Lease. How is ownership of building handled?
If a tenant vacates a ground lease at the end of the lease term, but elects to NOT demolish the building before leaving, does ownership of the building just automatically get transferred to the land/property owner? Or is there some sort of title process that the property owner needs to go through?
[{"id": "j037iz1", "text": "The first step would be to review the lease and check the restoration clause - sometimes the tenant is obligated to restore the land to its original condition or leave it as-is.\n\nTypically the building is own by the land owner, even though this is a ground lease.\n\nIf the lease is silent about what happens at the end of the lease , ask a lawyer to as sist you.", "replies": [{"id": "j05bhrb", "text": "Thanks for the tip! I looked through the ground lease and found a clause covering everything I wondering about", "replies": [], "depth": 2}], "depth": 1}]