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Ratings. Guidance. The Right Lawyer.
My landlord seems to be in financial trouble and I want to know how I am protected in the state of Washington.
Seattle, WA
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Posted about 1 year ago in Landlord / Tenant
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It seems as though my landlord is in the midst of financial trouble. I lease a commercial condo for the use of my busiiness from them. I know that his primary business is real trouble and that they made a major investment in an apartment complex. I received a strange call from them yesterday asking how my business was doing and if I wanted to that they would let me exit my lease which has two and a half years left on it. He made comments that he should have never leased the place and just sold it. If my landlord either needs to sell or lose the property to default, what legal recourse do I have? I spent money and time in the buildout of this project plus the cost of potentially having to change my address.
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Answers (1)
Thuong-Tri Nguyen
This attorney is licensed in Washington.
Posted about 1 year ago.
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If you have a written agreement for your premises, you likely should have an attorney review the agreement and your facts to find out what your options are.
Likely your landlord has a legal duty to abide by the agreement whatever financial problems he may have. If he sells the real property, the new landlords must abide by the agreement (if the agreement is enforceable). If his financier forecloses on the real property, your business likely is subject to being evicted. If your landlord's failure to abide by an enforceable agreement causes you damages, you likely have causes of action against the landlord. The practical reality is that people or business entities that are having financial problems may have no assets to make taking legal actions worthwhile. Uncertainty is sometimes one of the many factors in running a business. If you want to make contingency plans, having to move likely should be in one of the contingencies. (For example, what if your building burn down?) |
