Want to buy business from 2nd owner, I ask to view his lease, found out first owner name still on the lease contract, he said he did not renew the lease.... landlord, leasing agent(CBRE) and first owner, second owner all agreed not to change lease.
Is it legal? It seems more advantagous for new owner.
If I take over the business become 3rd owner, should I do the same not to change lease? remain first owner's name?
What is your suggestion?
1 Answer from Attorneys
It doesn't really matter whether you assume the lease or sign a new one, as long as if you take an assignment of the lease, you document the owner approves it and will honor the lease with you as the assignee.
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