Always Seek Proessional Legal Advise before talking any steps to lease a property!
I was talking to a property manager in the Sacramento region about a foreclosure that is talking place on one of his properties where we had several lease space listings we were trying to fill. We had to stop markeintg those properties because apparently in Calfiornia when a bank forecloses on a property, the leases are subject to the banks approval. If the bank sees it to their best interest to cancel a lease, they have the power to do so.
So for those who are searching for space, be careful. Know your rights in the event the property is foreclose and only a good commercial real estate attorney can tell you exactly what those rights are. It would be traggic to see someone invest hundreds into a restaurant space only to have the bank take it all away.
Sounds like great job for the California legislature in helping the small guy, NOT!
Mel Jones is one of the premier restaurant brokers in the nation having published hundreds of articles on buying and selling a restaurant and bar business, selling thousands of restaurants in CA., WA and AZ and building one of the most copied business models in the brokerage industry. Mel started SellingRestaurants in 2004 with the one simple concept, give the buyers the information they need to make intelligent buying decisions without being pestered by a broker or hiding information, prepare the business for market by researching key details that make or break deals and educate the buyer on the buying process to create an intelligent buyer. Prior to SellingRestaurants, Mel was a Chief Financial Officer for Universal Music Group, the largest music company in the world. There he participated in more than $11.5 billion of merger and acquisition transactions. He also work for top companies such as Nestle Foods, USA. He hold a Bachelors in Business Administration Finance as well as attened Law School at Gonzaga University. Give Mel a call at 480.274.7000 or e-mail him at [email protected] if you have any questions.