What am I entitled to if landlord wants to buy out my lease?
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What am I entitled to if landlord wants to buy out my lease?
I own a small business that has been in the same location for 28 years, and my landlord wants me to move out by the end of February even though I’m in lease until August. I’m not being evicted but they have other plans for the property. They want me to tell them how much money I want to leave early. What should I calculate? Loss of income? Moving? Etc?
Asked on January 20, 2011 under Real Estate Law, Arkansas
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
There's no hard and fast rule--it's a negotiation. The landlord *cannot* make you leave early unless you agree to, so long as you otherwise obey your lease obligtations.
Certainly reasonable costs to factor in would be moving expenses; something for build out of a new location; possibly advertising/marketing expenses (to let customers know where you are); etc. But at the end of the day, you can ask for whatever you want; the landlord can offer whatever he deems fair; and if you can both agree on an amout, one that works for both of you, you can make it happen. If the landlord wants you out badly enough, soon enough, you have the leverage in your favor on account of your lease.
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