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  1. #1
    Join Date
    Sep 2016
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    Default What to Do if You Purchase Property With an Undisclosed Lease

    What can a buyer do if they purchase a farm with a tenant, but are not told that the tenant recently entered into a year-long lease? The tenant paid the lease payment up front after the purchase agreement was signed, a month before the property closed.

  2. #2
    Join Date
    Sep 2005
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    Behind a Desk
    Posts
    98,844

    Default Re: What to Do if You Purchase a Farm With an Undisclosed Lease

    You will need to read your purchase agreement with the seller. It may be that you have a claim for the lion's share of the rent, but it could also be that this is something that the seller covered in the real estate contract.

    It's really important to exercise due diligence when purchasing real estate. The buyer should have the contracts reviewed by a real estate lawyer, and discuss possible remedies with the lawyer.

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