Q: I own property and buildings that I want to sell. The problem is, I have a business tenant on my property who has a long-term lease but only pays $1.00 per YEAR in rent. Obviously, no one is going to buy the property with a lease like that in place. Can a new owner claim market unfairness in such a lease and get the tenants to pay a fair market rent? If not, then I will never be able to sell my property in my lifetime. Surely, there would be some legal remedy for a new owner? (McDonald, PA)
A: You need to have the lease reviewed by an attorney to determine if it can be challenged. If you inherited this tenant when you bought the property, you need to have your sales agreement checked to see if this lease contract was assignable or even mentioned. If he has as lock tight agreement, you may need to buy him out. I would have to research if there is any common-law limit on the number of years a lease like this can be legally in effect.