Holdover Tenants: What are the Property Owner’s Rights?
With current vacancy rates for commercial and industrial properties being at an all-time low, the incidence of holdover tenants occupying their units beyond the contractual expiration date of their lease is much more prevalent. Institutional landlords (REITS) already have provisions in their leases that address this issue. However, private landlords are often unprepared for dealing with tenants who stay beyond their lease expiration date.
How not to sell your listing short
Every commercial-industrial property sale includes a due diligence period prior to the settlement date. More often than not, the buyer finds structural defects or mechanical systems issues that require repairs or remediation. That’s when the negotiation begins as to how to remedy the potentially costly problem. The seller is anxious to move forward towards the settlement. Often, the solution to the problem is to reduce the selling price to cover the cost of repairs or remediation of the property. You’ve sold your listing short.