Failure to Advise of Easement
In this case a broker for a commercial property leased a space to a large tenant that utilized many large trucks in their business. Over the years, they had parked their trucks in an adjacent parking lot. This had gone on for many years and at least one lease renewal. In this case, the same broker was involved in both the lease and also the sale of the adjacent building. The new owner of the second building was unaware of the arrangement with the prior owner to allow this tenant to use the parking lot for parking their trucks. The new owner contacted the tenant and agreed to a lease for the portion of the parking lot, which amounted to several thousand dollars per month over the entire lease term. The tenant sued our broker to recoup the cost of the additional rent (approximately $100,000). The tenant finally settled for some rent relief from the owner and approximately $25,000 from our broker.