I have a three year on a commercial property my landlord just got arrested . Is my lease still valid
2 attorney answers
Your landlord's arrest does not affect the legality of your commercial lease, assuming it was validly entered into prior to the arrest. What could change is that the landlord's rights are assigned to another party--for example, a POA agent, trustee, or escrow party during your landlord's incarceration, should that happen, or to another landlord or property manager, if your landlord enters into an assignment or transfer agreement with such parties--but even that does not void your rights during your present tenancy. If you receive any correspondence updating you on your landlord's status arising from the arrest, you might considering have one or two local commercial real estate lawyers within close reach, just in case you need to briefly consult on details as they come. (One good example of a change on which you might desire close guidance by local counsel is who you should pay rent to if your landlord suddenly is unavailable to collect it per the lease and your customary practices up to this point.) Overall, however, your legal status does not change by virtue of the landlord's criminal law troubles. Best wishes to you in your business this year.
If your lease was valid before his arrest, it should be valid after, even if the property is transferred to a new owner. The new owner will step into the shoes of the old one including a valid, properly executed lease in good standing. Contact a local real estate lawyer for more information. You can use the find a lawyer tab above to get help.
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