We all know the foreclosure rate in Florida has hit an all time high in the commercial and residential real estate markets. We see it in the news coverage, hear it over the radio, and read it in magazines and newspapers throughout the state.
But, what does this mean for you?
How Foreclosure Affects Commercial Tenants
While there are several commercial property owners that outright own their real estate; there are others that lease their space. When the property owner is unable to pay his/her mortgage loan and later loses the commercial property to foreclosure, the tenant is usually left suffering and in search of a new location.
The media coverage focuses primarily on how property owners are affected by foreclosures, and not as much on the tenants that lose out in the process.
If you lease commercial (or residential) property in Florida, you should be aware of your rights as a tenant of any property facing foreclosure.
Notification of Foreclosure Proceedings
In many situations, the tenant is the last to hear the commercial property is facing foreclosure, and you may be left wondering where you stand and where you can turn to discuss your options.
In some states, a valid eviction (even after foreclosure) requires that the property owner is notified in writing before an eviction takes place. Where you live will determine how much time you are granted to vacate the property. The time frame can range from weeks to a month, so it is important that you consult a Florida real estate attorney in your area as soon as possible.
Are you a commercial tenant dealing with a foreclosure issue? If so, contact our South Florida real estate attorneys today.
Tags: Commercial, Foreclosure, Real Estate, Residential, South Florida
