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Seller in BK


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#1 Shar

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Posted 19 May 2016 - 02:16 PM

I've come across a situation I have not had before and I wanted to get some input here....I have a seller considering Chapt 7 or 13 BK. I have a TB in his property, how is this going to affect the transaction? 

 

Thank you!

 

 


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#2 MichaelC

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Posted 19 May 2016 - 08:19 PM

Depending upon the specifics of the bankruptcy, there are several ways the tenant and the deal could be affected.  The trustee has the option to allow the lease to continue as agreed, or he can terminate the lease.  If the latter, the tenant or tenant/buyer has the right to file a claim for financial compensation for losses incurred as a result of being forced to move.  They can also remain in the premises and fight the trustee's decision.

Bottom line:  it's a legal dust up and the t/b would be wise to prepare for all possibilities by speaking with an attorney.



#3 Shar

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Posted 20 May 2016 - 08:36 AM

Thank you, I appreciate the quick reply MC!


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