Q: High wealth tenants and coronavirus! Interesting scenario. Your opinion?
My tenants are high wealth individuals, paying close to $12,000 per month in rent. They owned a few very high value cars, each priced above $200,000. In the past, in our direct conversation they stated that they are millionaires. A few weeks ago they mailed us a letter stating that they're not able to pay rent because their business is not making any money since the outbreak of coronavirus. When we asked about their bank statements and their business profit/loss documents for the last few months, they refused it to provide us with that information. We have no mortgage on the property. Is there anything we can do to collect our rent now?
A: Surely you must have a written lease, right? Read it and answer this question yourself before you do anything unwise.
A: With that amount of money at stake, you really should have a real estate attorney on retainer. It will save you a ton of money in the long run. Get a copy of the lease and bring it to an attorney for review and advice on what to do moving forward.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
