Existing leases sold from current owner. Im going to be new owner of building. What happens?
I am in the process of purchasing a building that has tons of Verizon Wireless equipment on the rooftop, as well as 2 modern shed structures in the rear parking lot connected to the towers. The current owner of the property stated to us that the leases for the rooftop and the sheds were sold a while ago, and are not part of the building purchase deal.
What does this mean for us?
Do we renegotiate leases directly with Verizon once we take ownership of property and not worry about the existing leases? I mean this guy must think we are going to just ignore everything exists as it is? Does Verizon even know he has sold the existing leases away?
Comments for Existing leases sold from current owner. Im going to be new owner of building. What happens?