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Related: Culture Forums, Support ForumsThe 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.
OffWithTheirHeads
(10,337 posts)freshwest
(53,661 posts)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)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)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.
Phentex
(16,330 posts)until the new bank surfaces I guess.
cbrer
(1,831 posts)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)for many reasons.
Thanks for the luck wishes. We need it!
treestar
(82,383 posts)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)obligations shall terminate.
What if no one buys it?
Phentex
(16,330 posts)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)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.
drm604
(16,230 posts)Phentex
(16,330 posts)formerly paid to a bank drawer to an address provided by the property manager.
drm604
(16,230 posts)but maybe you should be putting the rent in escrow each month until things get straightened out.
avebury
(10,946 posts)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)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.