Tag Archives: lessee

I'm unclear about terms-do I do a LEASE OPTION or just a LEASE?? Which is the most attractive?

I own a 3900 sq. ft. commercial building on the main block of a small downtown area. The mountain town is known for it’s art and indian collectibles. Sales are soft, even if the town is popular. There are basically three blocks of stores, but I’m on the most heavy trafficked block, so it’s a plum. My question is about leasing it. Namely, what is more attractive to most? Do I simply lease it for a certain period of time–and how long? Do I do a Lease Option? Do I do a double net or a triple net?

Of course, I know all are possibilities, but I’m TOTALLY ignorant about all this and want to do what is good for me, but attractive to a potential lessee.

And how do I advertise that I’m willing to lease?? Do I use a realtor? I still have a store in the building as well, and would need two months to sell the inventory, but ONLY if I have someone committed. I am still paying a mortgage and can’t afford for the building to be empty, waiting for a lessee. Please educate me.
By the way, I’m aware that I can go to an attorney or commercial realtor. I came here because I want to hear YOUR OPINION!!!
By the way, I’m aware that I can go to an attorney or commercial realtor. I came here because I want to hear YOUR OPINION on lease options, or just leases!!!

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How do I regain rights to a home I own that is under a lease option contract where the lessee is in default?

I live in Utah. The Lessee has subleased or rented the property (which is ok). The lease agreement says that if the lessee doesn’t make a payment, I need to send a notice of default (which I wrote up and faxed to the lessee). The lessee has 5 days to cure such default (which they haven’t). Since they didn’t, I now have the right to terminate all rights they have to the property. I don’t necessarily want to evict the current tenant. I’m willing to write up a contract with them so they can stay. I need to know if faxing the declaration of default, that I wrote up is legal "written notice". I also need to know if there is anything else that I need to do legaly so I can bypass the lessee and go to the current tenant and sign a contract with them and just have them start paying me.

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