Legal Question in Business Law in Colorado

I am going to buy a retail business store. I already made a lease contract with a landlord and I have to pay rent from this January. But I might fail to make an asset purchase agreement with a seller who runs a business now. The seller does not agree to what I want. In this situation what if I fail to make an asser purchase agreement with seller? I still have a lease conteact with a landlord. What if the seller would not move out? Thank you!


Asked on 12/07/12, 8:53 am

1 Answer from Attorneys
Robert Murillo Pivotal Legal Ltd.

I wish you had come here or to Avvo and asked before you signed a lease contract. Did the lease contract provide that it was conditional on the asset sale or otherwise allowed you to quickly terminate if the deal did not go through? If not, then you are stuck with the lease and you will have to negotiate some deal with the landlord to release the lease or just breach and be liable under the terms and state law if you can't close the asset deal.

You should hire an attorney to advise you on the asset sale terms and have that in writing. This is critical. I also hope you have done all required due diligence on the assets, including having written questionnaires and other research.

Good luck with your venture and please speak with an attorney to avoid complications.

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Answered on 12/07/12, 9:10 am


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