Contract Void? Undermarket buddy hook-up prior to closing on storage
Must annual contracts be upheld after transfer of ownership?
Scenario: Closing on a storage facility. A few annual leases in there at under market rents. I was going to leave them in place; however, this weekend the sellers had an existing tenant sign an annual lease at 50% the market rate. Definitely smells like a buddy hook-up to try to protect him and hose me.
I'm intending to raise rents by 1 October. I'm now of the opinion to cancel all contracts and start over. The month-to-month are easy...new rates are X...take it or leave.
May hit up an attorney, but not big enough money to warrant paying for a sit-down with an attorney. Just annoying.
Seems it's not someone's home, so I can do what I want with the commercial property...tear everything down, if I wanted.
Thoughts??