Hi,
I am not knowledgeable with commercial law and property but my parents have a shop that they have rented out to a tenant. It has been 3 or 4 years but the tenant is behind 4 months. My real estate agent doesn't seem to care too much only when my dad informs him to give them a notice to shut down the business. So they end up paying the rent a few days before it can be shut down. My dad is a lenient person which has also lead to this problem now with the rent been way overdue.
This is not the first time it has happened. The last tenant owed us $50,000 and left. My dad didn't want to bother with the legal fees so we ended up paying for the tenants bills, etc.
I don't really know what the best option is for us. I honestly just want to the tenant to pay for the overdue rent. We did come to an agreement on how he was going to pay it back but he never stuck to it.
Is taking him to court the best option? I don't know if I will be able to afford the legal costs. Is there an approximate price range on how much it could cost me?
I am thinking we should have got commercial landlord insurance, but I guess it's too late for that? I know I should be discussing these things with a lawyer but I am young (but over 18) and don't really understand how the legal system works.
I am not knowledgeable with commercial law and property but my parents have a shop that they have rented out to a tenant. It has been 3 or 4 years but the tenant is behind 4 months. My real estate agent doesn't seem to care too much only when my dad informs him to give them a notice to shut down the business. So they end up paying the rent a few days before it can be shut down. My dad is a lenient person which has also lead to this problem now with the rent been way overdue.
This is not the first time it has happened. The last tenant owed us $50,000 and left. My dad didn't want to bother with the legal fees so we ended up paying for the tenants bills, etc.
I don't really know what the best option is for us. I honestly just want to the tenant to pay for the overdue rent. We did come to an agreement on how he was going to pay it back but he never stuck to it.
Is taking him to court the best option? I don't know if I will be able to afford the legal costs. Is there an approximate price range on how much it could cost me?
I am thinking we should have got commercial landlord insurance, but I guess it's too late for that? I know I should be discussing these things with a lawyer but I am young (but over 18) and don't really understand how the legal system works.