Our office(Towson, MD) landlord filed bankruptcy in April 2013 and the new owner who bought condo-office property in auction has asked us this week to sign new lease at higher rent or vacate. Our original lease expired in Feb 2013, so there is no valid lease at this time. Are we entitled to any kind of notice from new owner though there is no valid lease for several months now?
1 Answer from Attorneys
Commercial leases are not subject to the same laws as residential leases and there is no mandatory notice provision other than what the parties agreed to in a lease. Oftentimes when an original lease "expires" the tenancy coverts to a month-to-month or otherwise renews on terms stated in the lease. Moreover, it is legally permissible (though not advisable) to have an oral lease. The fact that an original term expired does not necessarily mean there is no lease.
Your remaining questions are very fact and situation specific. You are encouraged to consult with an attorney and/or seek legal review of your specific lease at issue.