Georgia Real Estate Attorneys Help Commercial Landlords Understand Their Responsibilities
What are my duties to a business tenant?
The lease spells out your contractual responsibilities to your commercial tenant. However, an array of specific laws also defines the obligations between a landlord and their tenants. At Wiles & Wiles, LLP, we advise landlords of the possible consequences of failing to meet statutory responsibilities or breaching the lease.
What are my rights and responsibilities if my tenant declares bankruptcy?
Commercial leases often include clauses that address the tenant's insolvency or bankruptcy. These contract terms, however, do not supersede federal bankruptcy law. Bankruptcy law provides for an "automatic stay" that orders an immediate halt to your collection efforts against the debtor tenant.
After filing for bankruptcy, the tenant can occupy the property for 120 days while deciding whether to assume the lease and continue occupying the premises or to assign the lease to a third party. While the decision is pending, the tenant must pay rent. If a debtor chooses to assume the lease and continue occupying the property, the debtor is responsible for all overdue rent and must pay future rent as it is due. If the bankrupt tenant chooses not to assume or assign the lease, Bankruptcy law deems the lease rejected. When a tenant declares bankruptcy, you need an experienced attorney to advise you of your options. Our Marietta, GA attorneys are knowledgeable both about bankruptcy and commercial leasing.
Contact Wiles & Wiles, LLP — The Landlord's Lawyer℠ — about your duties under the law
For 25 years, the attorneys at Wiles & Wiles, LLP have worked for commercial landlords. If you have concerns about your responsibilities as a landlord, contact us at 770.426.4619 or online.