Lease Of Store question

johne · #1 08-23-2005, 02:29 PM

I am in the process of renting a store in Santo Domingo.I heard thru a 3rd party yesterday that the owner of the building (which is her house) is interested in selling her house. My question is - what protection do I have with the store lease upon sale of the building to a new landlord?

JOHN

Criss Colon · #2 08-23-2005, 02:53 PM

The tenants! Once you are in,you are in! Have a lawyer look over your lease with a "Microscope.If you pay a "Deposit",be sure it is deposited by the landlord in Banco Agricola.And most important,pay your rent on time and get a stamped signed receipt every month!
If the house is sold,you will have the upperhand.Since it is a "Residence",she can claim that she is going to need it as her familie's residence.That gives you about two years grace to finally leave.You must keep paying rent,sometimes into an escrow acct.Anyway,you can get a large sum of money from the new owner to leave.Usually it is "cheaper" to give you "at least" 2 years rent to get out! Cheaper because he gets the house "NOW",and not 2 years from "Now"! And saves 2 years of paying "lawyers" and going to court 22 times!

"Good Luck"!!!
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Hillbilly · #3 08-23-2005, 03:32 PM

very little that I can think of to add to this most complete post by CCCCCCCCCC

HB

johne · #4 08-23-2005, 06:02 PM

Quote:

Originally Posted by Criss Colon

The tenants! Once you are in,you are in! Have a lawyer look over your lease with a "Microscope.If you pay a "Deposit",be sure it is deposited by the landlord in Banco Agricola.And most important,pay your rent on time and get a stamped signed receipt every month!
If the house is sold,you will have the upperhand.Since it is a "Residence",she can claim that she is going to need it as her familie's residence.That gives you about two years grace to finally leave.You must keep paying rent,sometimes into an escrow acct.Anyway,you can get a large sum of money from the new owner to leave.Usually it is "cheaper" to give you "at least" 2 years rent to get out! Cheaper because he gets the house "NOW",and not 2 years from "Now"! And saves 2 years of paying "lawyers" and going to court 22 times!

"Good Luck"!!!
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

Thanks Chris for the direction

JOHN

Rocky · #5 08-23-2005, 06:37 PM

Quote:

Originally Posted by johne

I am in the process of renting a store in Santo Domingo.I heard thru a 3rd party yesterday that the owner of the building (which is her house) is interested in selling her house. My question is - what protection do I have with the store lease upon sale of the building to a new landlord?

JOHN

You might try writing a cost restrictive penalty clause into the lease for early eviction, stating that you would be entitled to a large sum of money if the property is sold, like 10 grand US, unless the new owner gives you the same terms.

hifiman · #6 08-23-2005, 07:25 PM

Quote:

Originally Posted by Rocky

You might try writing a cost restrictive penalty clause into the lease for early eviction, stating that you would be entitled to a large sum of money if the property is sold, like 10 grand US, unless the new owner gives you the same terms.

With my business lease we carry a relocation clause that states if the building is sold or rezoned the landlord must pay for our relocation and any loses incurred from the move,this includes renovations that have to be done.
I don't know if it will fly there but it's worth a shot.