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Phentex

(16,330 posts)
Mon Jun 11, 2012, 01:26 PM Jun 2012

The building our office is in went into foreclosure...

Our lease is with a property management company and the end of our lease is soon. In three years, they changed names/addresses and finally disappeared completely. No one answers at the last known phone number I have and a recent letter was returned.

When we tried to track down the ownership of the building, the city had the wrong name listed (confirmed when we contacted the name on the list and he became irate because he owns the building down the street and not ours.)

Trash pickup stopped about a month ago but another tenant is paying it for now. Grounds keeping has stopped altogether and the grass is a foot high. Someone at the city found a foreclosure notice for the property and told us the building had been owned by overseas investors but was now bank owned. Said bank has now gone under and another bank is supposed to take over.

NOW WHAT? I understand that the terms of our lease are still valid, but how do we give notice that we plan to move? Where the hell is our deposit? How can we even decide to move if we don't know if we can stay or not?

Anyone with ANY experience/advice?

I posted about this in the Small Business group but it's quiet in there. Is this at all appropriate in GD?

Thank you for reading.

16 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
The building our office is in went into foreclosure... (Original Post) Phentex Jun 2012 OP
Quick way to find out. Stop paying rent. OffWithTheirHeads Jun 2012 #1
And prepeare to use it to rent space elsewhere. freshwest Jun 2012 #2
It's a little bit Twilight Zone-ish... Phentex Jun 2012 #3
Yes, and no one to even take to court for the financial losses of the move. Corporations can be the freshwest Jun 2012 #14
Done. There isn't anyone to pay... Phentex Jun 2012 #4
Is the building for sale? cbrer Jun 2012 #5
It would not be a good investment... Phentex Jun 2012 #11
Read lease very carefully treestar Jun 2012 #6
Upon the sale of the premises... Phentex Jun 2012 #7
reply to edited post... Phentex Jun 2012 #9
You can serve lawsuits by publication treestar Jun 2012 #13
Who are you currently paying rent to? drm604 Jun 2012 #8
Current not paying... Phentex Jun 2012 #10
I'm no lawyer, so take my statements with a grain of salt, drm604 Jun 2012 #12
That is what I would suggest too. I also am not an attorney bus as to giving notice on your avebury Jun 2012 #15
I agree -- see a lawyer HeiressofBickworth Jun 2012 #16

freshwest

(53,661 posts)
2. And prepeare to use it to rent space elsewhere.
Mon Jun 11, 2012, 01:46 PM
Jun 2012

But, wow, what a mess, it's like trying to get in touch with the people who were supposed to be managing your pension...

Out of sight and out of mind, soon to be followed by out of luck.

Phentex

(16,330 posts)
3. It's a little bit Twilight Zone-ish...
Mon Jun 11, 2012, 01:58 PM
Jun 2012

I started contact the leasing agent in February just to see if they were the ones who would be handling the lease again. When I finally spoke with her, she seemed so sincere but she had to know something by that time.

I guess we sit and wait for contact and make plans to move but that is a royal pain in the butt.

freshwest

(53,661 posts)
14. Yes, and no one to even take to court for the financial losses of the move. Corporations can be the
Mon Jun 11, 2012, 02:40 PM
Jun 2012

Most deceptive and slippery 'people' there are as all they have to do is change their name and address...

It's like trying to catch a criminal who's fled the scene of a crime without a trace. And we we allow this in so many places, the worst of those being polluters.

I hope that your group can stop making those payments to them while making money with whatever you do to mitigate the costs and I hope no one comes after your company for not paying to a blind trust or company that no longer exists, but swallows up your rent.

I had to stop an automatic payment on my account from a firm which had gone out of business. I was fortunate that my bank stood with me when I presented the evidence they were defrauding people, charging them for a service that no longer existed at any physical location.

Those payments were being deposited somewhere, hidden by a series of digits in the banking system, but we were unable to get them to answer by mail or phone. They sold themselves to someone else who was taking money but claimed to not know where the company went.

This sounds very similar. I wonder how many millions or billions of dollars are transferred in any given day, week, month or year. Good luck to you, but I guess you'll be out the cost of a lawyer to protect you from future liability.

 

cbrer

(1,831 posts)
5. Is the building for sale?
Mon Jun 11, 2012, 02:00 PM
Jun 2012

If your company has a little cash flow. And can show a plan to the bank...you never know!

Good luck

Phentex

(16,330 posts)
11. It would not be a good investment...
Mon Jun 11, 2012, 02:28 PM
Jun 2012

for many reasons.

Thanks for the luck wishes. We need it!

treestar

(82,383 posts)
6. Read lease very carefully
Mon Jun 11, 2012, 02:06 PM
Jun 2012

And you could go into court on them as they are likely to breach the lease (does it say they provide trash, for instance)?

The recorder of deeds for the county would identify the current owner. Foreclosure alone doesn't change title until it is over with, and when that is the case, documents reflecting it get filed with the recorder of deeds.

Phentex

(16,330 posts)
9. reply to edited post...
Mon Jun 11, 2012, 02:24 PM
Jun 2012

I'm guessing the new bank will appear on the records at some point?

Now, about the lease...They (former property managers) are responsible for the common area maintenance.

How do you take someone to court when you cannot find them?

treestar

(82,383 posts)
13. You can serve lawsuits by publication
Mon Jun 11, 2012, 02:34 PM
Jun 2012

After a good faith effort. But there ought to be a way to find out who has title to the property right now - property never sits around un-titled. A local lawyer could help.

Phentex

(16,330 posts)
10. Current not paying...
Mon Jun 11, 2012, 02:25 PM
Jun 2012

formerly paid to a bank drawer to an address provided by the property manager.

drm604

(16,230 posts)
12. I'm no lawyer, so take my statements with a grain of salt,
Mon Jun 11, 2012, 02:28 PM
Jun 2012

but maybe you should be putting the rent in escrow each month until things get straightened out.

avebury

(10,946 posts)
15. That is what I would suggest too. I also am not an attorney bus as to giving notice on your
Mon Jun 11, 2012, 05:18 PM
Jun 2012

plan to move you might ask an attorney if it would be adequate to pay for a printed a legal notice in the local papers. If that would suffice you would need to know how long to run the legal notice.

HeiressofBickworth

(2,682 posts)
16. I agree -- see a lawyer
Mon Jun 11, 2012, 09:11 PM
Jun 2012

If the company owes you deposit money, you may be able to make a claim in bankruptcy court, if they have filed. Or, you may be able to file a lien against the property for the amount owed you which would have to be paid to you before the next owner could get clear title. A lawyer can help you..... In any event, you should probably start looking for other accommodations for your business.

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