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Contact the Landlord Immediately. Subleases. Read Your Original Lease. Plan for a New Lease. Investigate the Landlord. Timing of the Assignment. Approving the Purchaser. Use a Business Broker.
When you take over a lease, you don't get to renegotiate its terms. Instead, you inherit the same monthly payment and lease terms that the original lessee negotiated.
One option is to find someone to take over your lease. What Is a Lease Takeover? A lease takeover, also known as a lease assignment, occurs when a new tenant takes over the remaining term of a departing tenant's lease, with the approval of the landlord.
When you take over a lease, you don't get to renegotiate its terms. Instead, you inherit the same monthly payment and lease terms that the original lessee negotiated. Unfortunately, some people don't negotiate as well as others if at all.
In general, it is illegal in the United States to employ someone to do work but not pay him/her. Not so with lease takeovers. When you do a lease takeover, you have to realize that what you are doing is working to find your landlord another tenant. And that is something landlords pay leasing agents to do.
Check local laws. Check local laws to see if your landlord is required to mitigate damages caused by unpaid rent. Check your landlord's policies. Find a replacement tenant. Make sure the potential tenant is qualified. Prepare an assignment agreement. Submit your request for landlord consent. Execute your agreement.
Landlord's Assignment of a Commercial Lease Unless the lease states otherwise, you, as landlord, can sell your property to anyone, but make sure to get a hold harmless clause, also known as an indemnity clause, in your contract of sale.
No. All property is sold subject to existing leases, so your existing lease cannot be “voided” (or terminated) simply because the property is sold. However, some leases contain provisions allowing termination upon a sale, but those terms would have been negotiated as they are not standard by any means.
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