Listing parking spot/Renter wants to sign another year lease
I'm about to list my Chicago parking spot for sale. I've had a renter in the spot for a year and his lease ends 10/31. I've told him that I'm listing the spot and he would like to sign another year lease. I see advertisements for parking spaces for sale in Chicago regularly that say something about the fact that it currently has a renter with a lease and the buyer would have to honor that lease until it expires. It's very possible that it would be bought by another investor, so I don't mind doing this for my renter. Especially since I don't expect it to sell quickly. Honestly, I wouldn't be surprised if it was still on the market a year from now. What language should I use in the new lease to indicate to the renter that I have promised him that I will include his lease in any purchase agreement and advertisements indicating the buyer must honor the lease?
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Not a Lawyer, but i think you just did it, just put in the sales agreement that the spot already has a renter and that they are to agree, and sign the agreement, that if they buy it that they will honor the current renters lease as a contingency for buying it, and provide them with the rental agreement.