Acquisition halted by property management- need advice
Hi everyone! I’m in a frustrating situation and would love to hear any advice on what to do..
Context: I’m buying an existing medical practice. The seller and I are in agreement, the PSA is ready, the finance sorted, and everything else but the lease is good to go.
The property manager requested that a LOI was sent to her by end of July, which I had done. From there though, she’s been extremely uncooperative. Only difference was that my attorney advised that I ask about a TIA. Not sure if that’s what set her off, but she immediately started to nitpick on other parts of the lease assignment (which SHE drafted..)
She says that since the landlord lives in China and is extremely hard to get a hold of, she refuses to contact the landlord until a workable draft is signed by all parties and will not be asking about any TIA requests until then. Since she was essentially gatekeeping the landlord, we just dropped the TIA request to try and keep the process moving.
Essentially, we just signed the fresh lease assignment (that the manager drafted herself) and have been waiting to hear back. She keeps saying “the landlord is in China and hasn’t responded.”
Everything else with the sale has been good to go since August, but we’ve literally been waiting on the lease assignment for the past 2+ months….
My attorney said that there really wasn’t anything we could do. The seller does not have direct contact to the landlord. I cannot relocate the business at this time due to buildout costs.
Any advice? Thanks!