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Home Q&A Forum Is new owner supposed to honor lease from previous owner in Illinois

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
View Darryl S.
5.0 (75)
Member Since:
November 9, 2023

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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