Assignment of Leases: From the current business owner to the buyer
Are you selling a business? Don't know much about the written assignment? Or selling a lease?
In this video John Gallagher, solicitor from Argon Law on the Sunshine Coast provides the information you need when assigning a lease of real estate in Queensland.
The lease you sell when transferring business real estate will often require you to satisfy the landlord of the assignee's capacity to operate the business.
A landlord's consent can be given in the form of a deed. Although, just because the consent is given- doesn't mean the outgoing tenant is automatically released from ongoing liability under the lease.
The outgoing tenant can be responsible for breaches of the lease. It's very important that all parties are mindful of the discloser requirements of the retail shop leases act.
View Youtube channel youtube.com/ArgonLawMaroochydore