Legal Question in Business Law in Florida

Re: Breach on business agreement

If your lease is assignable then your landlord will be forced to grant the same terms to the purchaser of your business and you need only have an assignment agreement drafted between purchaser and seller. If your lease is not assignable then the purchaser will have to accept new lease terms, unless the new provisions are unreasonable and were considered a material part of the transaction. You may have to file a claim against the seller if they are being unreasonable, this lease issue should not hold up any payments as to the purchase of the business. What action you take and responsibility you hold will be largely dependent on the relevance of the lease to the purchase and operation of the business.

Tonia Troutwine,Esquire 305-984-5748

Re: Breach on business agreement

Your only recourse is to speak with the landlord

directly. You may have to pay the difference.

Re: Breach on business agreement

NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.

It is very difficult to provide any real opinion without more facts and a careful review of the Lease Agreement. Generally, prior to the sale of a business, the Seller has the Landlord sign a document agreeing to the transfer of the lease and the Buyer signs a Lease Assumption Agreement. The terms of these instruments have to be read in conjunction to each other to determine what each party's rights and responsbilities are.

I strongly advise that you consult with a competent real estate attorney in your area to review your documents and to provide an opinion based on the facts in your particular case.

Scott R. Jay, Esq., 305-249-8000