What to do regarding purchasing a business with 6 months left on the current lease?

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

What to do regarding purchasing a business with 6 months left on the current lease?

I am purchasing a convenience store from a family that has 6 months on their lease. Then my lease starts with the property owner. Is it illegal for the property owner to notify me that the current lease will be ending and there isn’t a possibility to resign the current lease?

Asked on May 25, 2012 under Real Estate Law, Oklahoma

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

No it is not illegal.  You need to stop and step back for a moment.  You are purchasing the business subject to the lease in palce and I would not purchase it unles sand until you have an agreement in place with the landlord for an extension of the lease agreement.  Please seek legal help asap.  Good luck.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption