Ohio business leasing laws?
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My husband just bought a business in Akron, Ohio. His lease states that he has the first option to buy the property. We just found out that the building owner just sold the property without notifying him first. The new tenants just came in to talk about the lease with my husband. His lease is a 2 and 5 year with an option to extend for a 2nd 5 year. He has been 1 1/2 year on the first part of the lease and he plans on to stay for an additional 5 years. The new tenants just told him that by Ohio law they do not have to honor the the 5 year lease and that after a the 2 year lease is over that he has to leave. We just moved to Ohio and we do not know much about their laws. Please any advice would help
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Answer:
If you legitimately wanted to purchase the property, have the funds/credit to be able to, and you were purchasing from the people you were leasing from (i.e. they hadn't lost it in a foreclosure), you can sue them (them being the people you were leasing from) - The new owners have nothing to do with that part of the lease. regarding your specific question, the only way you are going to get the correct information is to consult a real estate attorney.
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