I am buying a business, but the business has a tenant with a 5 year contract, can I terminate the lease if I am the new owner? I am in Texas.
Asked on 2/10/11, 8:44 pm
1 Answer from Attorneys
Brandy McIntyre
Law Office of Brandy Reynolds McIntyre
No, when you buy a property you take it subject to any existing contracts, generally. However, the lease agreement with the tenant will be the final contract to which you should look for these answers. If the lease is silent on this subject your next step would be to negotiate with the tenants to see if they will voluntarily terminate the lease early. This will probably involve you paying them their movign expenses etc. Otherwise, you are stuck with them until they break the lease or it terminates.
Answered on 2/11/11, 9:23 am
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