renting from business that's selling the building (Austin: sale, leases)

[gerfy]

I'm currently renting a room (for business - I'm an independent contractor) from a company that may be on the verge of selling the building. My lease goes until Fall of this year. If they wind up selling the space before my lease is up, is there anything legal that can keep me in the space or am I SOL?

[Unclemeat]

The new owners generally inherit the leases unless there is something in your contract regarding the situation. When your lease ends, they may look to dramatically raise your rent or not offer a renewal.

[Dewmik]

As Unclemeat said your lease is good. You are in a contract until fall. The new owner not only purchases the building they also purchase the leases. If they wanted to end the agreement they would have to pay you to do so.
What you may want to do is ask for a meeting with the new owner and see what his plans are for the building. Maybe also a good time to get some changes in your office or get pending work orders completed. Usually they don't want to lose leases that are in good standing but that may have plans for parking, painting, updating etc etc. They may also want to raise or lower your rent, also something they can't do until your lease has expired.

[ROY DUBOSE]

this would be a good time to sit down and go over your lease line by line

[gerfy]

Thanks everyone for the tips/information. Does anyone have a specific link to Texas and/or Austin law that pertains to this?

[Trainwreck20]

See Roy's statement (above)....that should cover it .

[austin-steve]

Originally Posted by ROY DUBOSE

this would be a good time to sit down and go over your lease line by line

Exactly. Nobody here can tell you what your lease says or if it survives the sale of the building. You have to read it.

In residential leases, the lease almost always does survive a sale. But commercial is completely different.

Steve