Real Estate
Agreement To Rent Or Lease
Illinois
Asked on Jan 20, 2024
Is new owner supposed to honor lease from previous owner in Illinois
New owner says he won't honor lease agreement from previous owner and is requesting to increase monthly rent.
1 Attorney answer
Answer
Real Estate
Illinois
Answered 313 days ago
Darryl S.
ContractsCounsel verified
Business Lawyer
Licensed in Texas
It would be advisable to have an attorney review your lease to see if that lease is terminated by sale of the property. You may also want to see the Purchase Agreement for the property to clarify if the buyer of the building has an obligation to continue honoring the lease.
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