Office building selling. Will I have to leave?

Real Estate Investing Office
1

Hello CRE,
I come here because I figured you guys buy buildings all the time and I hope that some of you have had to kick someone out. Anyway, I will get to my issue:
I have rented an office space for 30 YEARS! Now it seems the owner is in a middle of a sale. We (tenants) LOVE this place as we pay half or even less of what a normal rent will be and the place is nice and in great location.

My problem is that I am sure the new owner will want to raise the rent to normal rents. Is there anything we can do? Or at least me that has so long here? others have 3-6 years. Its 5 office spaces.

I know its not to many laws to help us as there is for residential. Will leases be respected as long as we pay rent? are our leases voided?

Thank you for all your comments. I am a good tenant. Ive been here 30 years, but Im afraid my rent will double or more than double and in the SF bay area, that is a big ($) deal. I might start looking for a new place if it turns out I CAN be kicked out. I have 2 years left on lease and other tenants have month to month.

I am from California.

Thanks. A lot.

2

Leases have legal standing

If your lease is legal under your state law (written, signed, notarized, recorded) then it certainly can not be ignored and gives you superior rights to that property you’re leasing for the term (time) of your lease.

Find and read your lease to see if it fulfills your state’s lease statutes.

I once was involved in the purchase of a duplex where there was a long term renter who claimed multi-year pre-existing lease but a study of her claimed “lease” showed it had no validity under its state law because it wasn’t notarized or recorded.

Such a defective “lease” agreement is no more than a month-to-month rental agreement and as such is only valid 30 days at a time under states laws.

It was not recordable because its state recording law required notary’s acknowledgement and same was missing.

3

Go through your lease documents, you will probably get all the answers.