During the first or second month after the sale of your lease, you can expect to continue to receive monthly rent checks, since it usually takes 30-60 days for the carrier to redirect the payment of rent to the lease buyout company. Typically, the lease buyout company will deduct the first two months of rent from the purchase price at closing to account for the likelihood that you will continue to receive up to two months of rent after the sale transaction closes. In the event that you do not receive one or both payments of rent from the carrier, the lease buyout company should be obligated to pay you as the property owner for the rent not received from the carrier. This may take an e-mail or phone call to the lease buyout company to inform them that the deducted rent was not received. Most of the lease buyout companies have been fairly responsive in paying property owner the redirected rent payments. Make sure you include a provision to capture the reimbursement of such payment in the event the carrier redirects payment for one or both months to the purchaser of your lease(s).
What happens after the sale of my lease?
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