Q: My brother and I inherited several acres of commercial property from our parents. The land came with a poorly written lease. The lease was for 50 years with no escalation clause for the rent. The rent we receive is a pittance.
My brother and I inherited several acres of commercial property from our parents. The land came with a poorly written lease. The lease was for 50 years with no escalation clause for the rent. The tenant pays the property taxes, but the rent we receive is a pittance.
Unless, the owner has somehow granted a right to a child or relative to the home or land while they owned the home or land, the child or relative has no say to what the owner should do with the home or land. Maybe the rent was considered excellent for the time period. Maybe your parents couldn’t have imagined the kind of growth and development you’ve seen in the past 10 to 20 years. Sure, most leases allow for rent to be renegotiated, or adjusted for inflation or to market rates. Yours doesn’t. And, so the leases are unfavorable.
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