Legal Question in Real Estate Law in California
Real Estate lease transfers
Companies 1-17 each purchased a new building in ABC business park. In order to get Fire Department sign off for the C of O developer X signed a five year lease for Fire Alarm equipment.
He passed the lease on to the new building owners in the ammended CC&Rs; but none of the building owners received the ammended CC&Rs till several months after they took possession of the buildings.
However the ammended CC&Rs were officially recorded several months before escrow closed on any of the buildings.
The value of the five year lease is $93,000.00 and competitive quotes to replace the equipment are approximately $20,000.00.
The building owners feel taken advantaged of, duped and robbed.
The lease is still in the developers name and he (according to the leasing company) is on the hook because their lease is with him and only him.
Do the building owners have any recourse and is there any way out of the lease?
None of the building owners signed or approved the ammended CC&Rs.
2 Answers from Attorneys
Re: Real Estate lease transfers
If the VP is such a VIP, then shouldn't we keep this on the QT? Because if it leaks to the VC, he could become an MIA, and then we will all be put on KP.
F = M * A
CC&R was a great band, but they broke up when John Fogerty went on to his solo career.
My car cost $5,000.00.
Are you confused by my answer? I can't understand your question.
Very truly yours,
Re: Real Estate lease transfers
The building owners are in a poor position. Recorded CC&Rs are considered to be notice to the whole world of the contents contained therein. Also, it is probable that the building owners, at least, approved their preliminary title report and the recorded CC&Rs would have been noted on the title report; the building owners could be considered to have been careless and/or have assumed the risk, if it can be shown that they learned there were recorded CC&Rs affecting their property, but they were not concernd enough to have obtained a copy prior to COE.
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