[WSBARP] Lease assignment
Marc Holmes
marc at holmeslawgroup.com
Tue Feb 10 09:46:24 PST 2015
Thanks Paul and to those who replied off list.
Marc Holmes
Holmes Law Group PLLC
808 5th Ave N
Seattle WA 98109
<http://holmeslawgroup.com/> HolmesLawGroup.com
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] 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] 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
Ofc: 206-357-4224
Cell: 206-849-0853
From: 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
Ofc: 206-357-4224
Cell: 206-849-0853
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