My friend owns a store, he’s had a tenant for the last few years that was in a 5 year lease.
The lease was over at the beginning of October and he’s had a new tenant ready to go for the last few months but the current tenants are refusing to leave.
He defaulted the current tenants and they are only submitting the regular rent payment without the added default percentage
The new tenant had submitted a 3 month deposit and a security deposit (75k) that he’s had for the last few months. and have been waiting to move in and are now getting impatient that they don’t have a lease in writing yet. What are my friends options here? How soon is he able to get the current tenants out?
What can the new tenants legally do if they aren’t happy since they have nothing in writing? The new tenants have been paying for insurance for the building for the last month also because they had planned to move in as soon as possible. This is in DC for reference.
Every commercial lease I have signed has provisions for what will happen when the lease is over and how much everything costs, including overstaying the term. They also have personal guarantees which allow the landlord to go after personal assets in the event the business doesn’t pay what they owe. Get a lawyer and act on the lease. If the lease doesn’t have any provisions, get a lawyer and start the eviction process
If the tenant trashes the place, get quotes for remedies and bill the tenant, using the personal guarantee if needed.