Question for LandLords: Have you ever had a tenant pass away?

[Trivers]

Several years ago, I got into the landlord business with a small office building with a mix of both commercial and residential tenants.

Just received a phone call that one of the business tenants, a sole proprietor, sadly lost his battle with cancer.

His business had just renewed for another year. And there was no verbiage in the lease about death of the business owner.

How does the law deal with residential rental vs. commercial rental? Isn't a LLC or corp business consider a living entity? I have no idea who the next of ken are.

Any ideas what I should do?

Thanks

[Nightfyre]

You should probably turn to an Internet message board for legal advice.

[Trivers]

Originally Posted by Nightfyre

You should probably turn to an Internet message board for legal advice.

Really??

You're suggesting I bother my attorney on a Saturday evening? He will charge me double of his already ridiculous rates.

(BTW, how do attorneys get away with the rates that they do charge?!?!)

I can't wait till Monday! I want answers and ideas now!

[Rain Man]

Isn't this a Q from about a month ago?

I mean, probably not the same dead person, but someone else just had this happen.

I would probably assume that the lease is void, assuming that the person didn't have employees who can maintain the business as an ongoing enterprise.

[Pasta Little Brioni]

Originally Posted by Rain Man

Isn't this a Q from about a month ago?

I mean, probably not the same dead person, but someone else just had this happen.

I would probably assume that the lease is void, assuming that the person didn't have employees who can maintain the business as an ongoing enterprise.

Yeah i think it's the same dude but not for sure

[mdchiefsfan]

Originally Posted by Rain Man

Isn't this a Q from about a month ago?

I mean, probably not the same dead person, but someone else just had this happen.

I would probably assume that the lease is void, assuming that the person didn't have employees who can maintain the business as an ongoing enterprise.

Haha! I was going to say the same thing, but this doesn't seem like a thread that should repeat itself all that often. If so, 2017 is starting off brutally.

[Pasta Little Brioni]

I swear this is a repeat of an earlier thread

[Pablo]

Originally Posted by Trivers

I have no idea who the next of ken are.

Any ideas what I should do?

Thanks

You should find his next of bob and steve first. Best of luck!

[Trivers]

wasn't the other one residential?

Rainman has a good common sense answer.

I wonder how long I would have to wait to pack up the assets before I can release the unit.

Anybody want a 28 by 40 office in middle of nowhere WI? It may be ice and snow now, but by June, it will be in the 60s on Lake Michigan.

Make ya a good deal.

[Pablo]

Originally Posted by Trivers

wasn't the other one residential?

Rainman has a good common sense answer.

I wonder how long I would have to wait to pack up the assets before I can release the unit.

Anybody want a 28 by 40 office in middle of nowhere WI? It may be ice and snow now, but by June, it will be in the 60s on Lake Michigan.

Make ya a good deal.

Seems like you're trying to notch another dead tenant onto your belt with that offer.

[oldman]

I think it depends on whether he was a sole proprietor, LLC, or corporation. How did you lease it?

[displacedinMN]

My FIL had an LLC. When one of the partners died, the LLC was dissolved because of death. I believe, You should have full control of your property quickly. I am sure you can give relatives time to clean out the property. His contents should go to the estate.

[Trivers]

Originally Posted by displacedinMN

My FIL had an LLC. When one of the partners died, the LLC was dissolved because of death. I believe, You should have full control of your property quickly. I am sure you can give relatives time to clean out the property. His contents should go to the estate.

Good Post. Exactly what I'm going to do.

Under WI law, a personal lease ends 60 days after I learn of death. While I could argue that it was a business lease, I'm going to take the high road.

Change the locks tomorrow.
Keep all family members out until the executor of his estate contacts me and settles the issue.
Start advertising the space immediately.

If anyone enjoys ice fishing now and great lake fishing in June, send me a PM.

[Skyy God]

Originally Posted by Trivers

Good Post. Exactly what I'm going to do.

Under WI law, a personal lease ends 60 days after I learn of death. While I could argue that it was a business lease, I'm going to take the high road.

Change the locks tomorrow.
Keep all family members out until the executor of his estate contacts me and settles the issue.
Start advertising the space immediately.

If anyone enjoys ice fishing now and great lake fishing in June, send me a PM.

You could lock the executor out, but that's kind of a dick move.

Have you considered a career in the law?

[Trivers]

Originally Posted by Cave Johnson

You could lock the executor out, but that's kind of a dick move.

Have you considered a career in the law?

Never. I rarely meet an attorney that enjoys their job. By the time they make partner, they are trapped in the lifestyle trap and can't make a career change.