I'm getting pushback from another owner as he wants to sell our commercial building in CA. I don't want to sell and would like to offer him a buyout. We have one unit vacant and I have an applicant who is ready to sign. The other owner says he objects to leasing the unit as it will bring down the value with a long term tenant if we try and sell the building. I don't want to sell and want to offer him a buyout.
Ownership structure - One LLC owning 50% (my family), 2 additional family trusts owning 25% each. There's no management agreement or any operator agreement as this property has been passed down through inheritance.
QUESTION 1 - Can I sign a new tenant lease without his signature (just mine) or can he stop me (legally) from leasing out the unit, just because he objects and wants to keep the unit vacant for a potential sale? I'm thinking I sign, the tenant signs, takes possession and he can object all he wants. Then what?
FYI - in the past he had signed leases with tenants where he and the tenant signatures were the only ones on the lease. Just thought I'd mention that, even though it's probably not relevant.
QUESTION 2 - Could there be legal ramifications (getting sued) for leasing out the vacant unit with him objecting and wanting to keep the unit vacant?
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source https://www.reddit.com/r/RealEstate/comments/1lowivb/do_all_owners_need_to_sign_a_commercial_lease_in/
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