Question About A Seller Holding Back A Second
How does the lender know that the seller is holding the second? Or is this just written in the contract to help get financing.
[ Edited by Raj211 on Date 07/08/2006 ]
[ Edited by Raj211 on Date 07/08/2006 ]
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It is stipulated as a part of the closing paperwork.
A lease is a covenant that normally runs with the land. The owner did not transfer the entire bundle of rights and you need to examine the lease(s) to answer your question.
Leases do typically run with the property. You should be able to get a copy of all leases from the former owner. At renewal, you are free to do what you want. But having filled vacant space at market rate will go a long way to convince the current tenants that a rate increase is in order.