Billboard on property in foreclosure

outdoor billboard investment forum
1

Was hoping to get some input from Frank on others on this situation. I recently learned that a billboard I own is on the property of someone currently going through foreclosure. Since my contract is with the property owner, do I continue to pay them? Or should I pay the bank?

Also, how do I know when the property is sold and there is a new property owner that I should send lease payments to?

2

If it’s not spelled out in the Ground Lease agreement you made with the original owner, regarding property ownership changes, you chould check with an attorney familiar with Ground leases in the area the billboard is located.

You can contact (maybe even look up online) the county recorder office where the billboard is located to find out the current owner of the Parcel on which the billboard is located. Do you have the Parcel Number in your documents?
– Jerry

3

jerryk Wrote:

If it’s not spelled out in the Ground Lease
agreement you made with the original owner,
regarding property ownership changes, you chould
check with an attorney familiar with Ground leases
in the area the billboard is located.

You can contact (maybe even look up online) the
county recorder office where the billboard is
located to find out the current owner of the
Parcel on which the billboard is located. Do you
have the Parcel Number in your documents?
– Jerry

Thanks Jerry.

In my ground lease, I have specific language that the agreement shall be binding upon and inure to the benefit of parties hereto and their respective heirs, executors, administrators, successors, and assigns.

The property owner that signed the ground lease went into foreclosure, and HUD is saying that they have the right to end the lease since they didn’t agree to it.

If this is the case, basically any ground lease with a landowner that doesn’t own their property outright is at risk of being void from foreclosure. This seems a little fishy to me.

Anyone else dealt with something like this?

4

@waylon Whatever became of your situation?

5

We are taking offers for purchase of our property.
It has two boards on it. A 10x22 and a junior board.
It has permits held by Fairway outdoor HOWEVER there are no current lessees in effect and can be negotiated by a new owner! In March we issued them a letter stating the leases will not be renewed.

The address is:
11304 US-221
Woodruff, SC 29388
Tax map #4-32-00-050.01

Make an offer to Christopher@capitalmatters.us