[WSBARP] Lease assignment

[Paul Neumiller]

See attached Tenant Estoppel Certificate.

 



 

From: wsbarp-bounces at lists.wsbarppt.com
[mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Paul Neumiller
Sent: Tuesday, February 10, 2015 9:20 AM
To: 'WSBA Real Property Listserv'
Subject: Re: [WSBARP] Lease assignment

 

Personally, while I'd get an assignment from the seller, I would be more
interested in an estoppel certificate signed by the tenant. I wouldn't want
my buyer/client to be in a position where the tenant says:  "the lease was
for 10 years with no rent increases" "I want to apply my deposit of $1 mil
towards the last five years rent'  "landlord is supposed to pay for
everything, including utilities."  You get the point.

 

BTW, I think it is unreasonable to expect the seller to guarantee that the
tenant stays in the premises after the close of escrow.  The seller is not
in a position to control the tenant.  I think the best the seller can do is
sign an assignment so buyer can proceed against the tenant if the tenant
bugs out early.  

 



 

From: wsbarp-bounces at lists.wsbarppt.com
<mailto:wsbarp-bounces at lists.wsbarppt.com>
[mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Marc Holmes
Sent: Monday, February 9, 2015 5:03 PM
To: 'WSBA Real Property Listserv'
Subject: Re: [WSBARP] Lease assignment

 

Perhaps, I should re-phrase this as a question.  Is it worthwhile to have
the seller and purchaser execute some sort of an
assignment/delegation/attornment/estoppel agreement in a situation like
this?  The purchaser would like some assurance the tenant stays for the
remainder of the lease term which as it turns out is only 6 months.
Presumably he'll want to raise the rent and sign a new lease at that point.

 

 

 

 

Marc Holmes

Holmes Law Group PLLC

808 5th Ave N

Seattle WA 98109

HolmesLawGroup.com <http://holmeslawgroup.com/> 

marc at holmeslawgroup.com <mailto:marc at holmeslawgroup.com> 

Ofc: 206-357-4224

Cell: 206-849-0853

 

From: wsbarp-bounces at lists.wsbarppt.com
<mailto:wsbarp-bounces at lists.wsbarppt.com>
[mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Marc Holmes
Sent: Monday, February 9, 2015 4:40 PM
To: 'WSBA Real Property Listserv'
Subject: [WSBARP] Lease assignment

 

I have a client purchasing a residential condominium unit with a tenant in
place.  Does anyone have a lease assignment they'd be willing to share.

 

Thanks,

 

Marc 

 

 

 

 

Marc Holmes

Holmes Law Group PLLC

808 5th Ave N

Seattle WA 98109

HolmesLawGroup.com <http://holmeslawgroup.com/> 

marc at holmeslawgroup.com <mailto:marc at holmeslawgroup.com> 

Ofc: 206-357-4224

Cell: 206-849-0853

 

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbarp/attachments/20150210/f8bbd046/attachment.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.jpg
Type: image/jpeg
Size: 16924 bytes
Desc: not available
URL: <http://mailman.fsr.com/pipermail/wsbarp/attachments/20150210/f8bbd046/image001.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: Tenant Estoppel Cert.docx
Type: application/vnd.openxmlformats-officedocument.wordprocessingml.document
Size: 15657 bytes
Desc: not available
URL: <http://mailman.fsr.com/pipermail/wsbarp/attachments/20150210/f8bbd046/TenantEstoppelCert.docx>