does the fact that the market rent is much less now and the landlord is renting other properties for much less

The landlord has been accepting less rent monthly as they realize how the market has dropped considerably. A recent meeting with management verbally said they would erase all of the back rent if we would sign a new lease at an agreed rent. We are trying to make that happen however the terms have changed with them asking for an additional amount of back monies. He is still accepting the mo. rent we send but says as of this month he will give us a 3 day notice to pay or quit.
In Leasing Property - Asked by Bonnie G. - Mar 3, 2012
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Answer(s)

Rob M.
Lender/Mortgage Broker
Houston, TX

This is a perfect example of why you should get everything in writing. The lease you have with him is written, states a lease rate and more than likely legally binding. If you owe the money, which you acknowledge you do, you are in default of the lease and he has the option of evicting you. Just like somebody that doesn't pay their mortgage for whatever personal reason. If you are in default of a written contract, you lose.

Mar 5, 2012
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Chris R.
Broker/Agent
Denton, TX

The fact that the landlord has accepted less rent in the past - or the fact that he may be leasing other properties for much less - has nothing to do with the terms of the lease that you are in with the landlord and the landlord is within his rights to consider / declare your lease in default and evict you. Of course - you can negotiate to renew on newly negotiated terms - whatever you can agree thereto. He is obligated to honor the terms of the lease just as you are. If you need assistance in reviewing the terms and obligations of your lease - you may wish to consult with an experience commercial real estate broker and/or a real estate attorney.

Mar 15, 2012
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