Lease Obligations After Your Business is Sold
Many businesses operate from leased commercial premises. However what are the obligations to the lessee (you) if your business is sold? Once your business is sold the lease does not automatically transfer to the buyer upon sale of the business. You will still be liable for the performance of the lease unless the lease can be assigned (that is, lease transferred from the vendor to the buyer).
You should ensure your current lease is permitted to be assigned prior to the marketing of your business for sale, and obtain legal advice regarding the process and obligations for you once the lease has been assigned.
Most standard leases covered by the Retail Tenancies Act have the right to be assigned from one tenant to another subject to approval from the landlord.
Contact One Business Brokers for more information.