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'Landlording ~ Is A Signed Lease A Valid Binding Contract For All Parties Or Does It Not Hold Water ~ commercial lease'





"..... If she had known she has financial problems, then why did she even bother signing .....
.....Landlording, commercial lease, rental lease, office lease, property management, tenants, leasing law, legal, real estate law, rental contracts, rental agreements, security deposits, breaking a lease, lease termination, lease cancellation, lease renewal, t....."

I spoke with a friend who had a lease renewal signed with his tenant. It is a property out of state and he just received some interesting news today.
Due to financial reasons, the tenant claimed she was unable to continue with the renewal lease she had just signed up a week ago. The tenant has given notice to break out of the lease by the next month and this is the lease that was just signed last month. If she had known she has financial problems, then why did she even bother signing the lease renewal? These events leading up to the termination of the lease appeared very abrupt and unnatural.
The renewal lease was for a 3 year term on a salon space in a commercial building. All the signatures were on the final draft of the lease renewal. Here is the interesting piece to it. The property manager who is managing the unit indicates that he heard 'through the grape vines' that the tenant was looking at another place down the street. However, she probably found it one week too late since she had just signed the lease renewal for 3 more years. It all seemed more to be a case of the tenant wanting to excuse herself from the lease to go elsewhere.
The property manager was notified of the termination of the lease via email. The name of the tenant on the lease is an LLC and not her personal name since she is operating under the business name.
How best should the owner handle this situation? Can they pursue this and get a judgment and go after the tenant personally to recoup the loss damages since she plans on vacating the unit by the end of the next month? How would you resolve this issue or do you know of someone who has gone through this?
In most states, provided that the lease is valid, the law would require that the tenant be responsible for the lease and the costs of advertising until the term of the lease is up or until a new tenant is found. In the meantime, do some investigation and find out the real reason why the tenant has suddenly decided to terminate the lease. Let the tenant know that they can break the lease, but they are responsible for the rent until new tenants are found and start paying rent. Furthermore, it is advisable to begin advertising right away to get a new tenant in place.
The security deposit is a blessing in situations like this since you can deduct the expenses incurred by the owner from the security deposit. If it gets to the point, then proceed with filing a small claims case or a lawsuit against the tenant to recover the costs of the lost rents. The purpose of any contract is to ensure that both parties are responsible to the other party. This is, of course, a business transaction and so it carries a higher weight than normal residential lease agreements and the penalties must be added.

"..... Furthermore, it is advisable to begin advertising right away ....."



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