I am considering bidding on a small commercial retail shopping center in my area. Most of the center is occupied with paying tenants. My question is, what is the right way to ‘take over’ those rental payments that the commercial tenants would continue to pay? Obviously they negotiated contracts with the old landlord. What legal remedies do I have if they refuse to start paying me?
I would assume there would be something short of eviction, especially if the tenant is a good credit, and I really wouldn’t want to evict them.
I presume that all of the leases with their original terms (options to renew, limits on price changes etc.) stay in place.
Specific guidance or general suggestions on reading about trustee sales for commercial properties would be welcome.
Thanks in advance.