Need advice.
10-01-2004 | 01:27 PM
#1
Thread Starter
Fork Horn
Joined: Feb 2003
Posts: 136
Likes: 0
From: warner robins,ga,us
Need advice.
I have a buddy who leased some land for many years from a timber company. This year the timber company is selling the land after he has already paid them $7,000. The soon to be new owners dont wont them on the land. The timber company will not talk to him anymore. They say its not their problem anymore. What can he do? The new owners say "You didnt have a lease with me". Has anyone here ever had this happen the them?
10-01-2004 | 02:22 PM
#2
Boone & Crockett
Joined: Jan 2004
Posts: 12,823
Likes: 5
From: Eastern PA
RE: Need advice.
I havent heard of this but your friend(s) should have gotten a contract with the lease stating that if the owners were to sell the property they would either get their moneys refunded or to have tresspass rights from the new owners.
10-01-2004 | 05:16 PM
#4
Joined: Feb 2003
Posts: 494
Likes: 0
From: USA
RE: Need advice.
Not a lawyer, just some experience w/ leases...
This sort of thing happens all the time in residential and commercial leases - the property owner sells it in the middle of the lease. Generally, the lease addresses this since it's so common of an issue. In my experience, the leases I've been in have to be honored by the new owner, with maybe the term changing. Of course, there might be other things (like a buy-out clause with financial terms, notice, etc. being spelled out). Of course, the lease could be written that the new owners don't have to honor it at all, without re-payment or any notice of eviction, but that would be pretty one-sided and not something I'd sign.
Bottom line, it should be explicit in your buddy's lease document and that's where you and he should be looking. If he doesn't have some sort of written agreement, that's a problem which I don't know the answer to. Verbal agreements can be enforceable, if there are witnesses to them - with certain exceptions (such as real estate transactions need to be in writing - don't know if that includes leases). Good luck. If needed, I wouldn't hesitate to pay an attorney an hour of time to bull-dog it for me.
This sort of thing happens all the time in residential and commercial leases - the property owner sells it in the middle of the lease. Generally, the lease addresses this since it's so common of an issue. In my experience, the leases I've been in have to be honored by the new owner, with maybe the term changing. Of course, there might be other things (like a buy-out clause with financial terms, notice, etc. being spelled out). Of course, the lease could be written that the new owners don't have to honor it at all, without re-payment or any notice of eviction, but that would be pretty one-sided and not something I'd sign.
Bottom line, it should be explicit in your buddy's lease document and that's where you and he should be looking. If he doesn't have some sort of written agreement, that's a problem which I don't know the answer to. Verbal agreements can be enforceable, if there are witnesses to them - with certain exceptions (such as real estate transactions need to be in writing - don't know if that includes leases). Good luck. If needed, I wouldn't hesitate to pay an attorney an hour of time to bull-dog it for me.
