Legal Question in Real Estate Law in Georgia
what constitute lease assignment?
I entered an agreement for sale of business stating the following ... XYZ LLC agrebes to an assignment of the lease between party A and Party B or to renegotiate lease. No other document signed. Lease not signed or specific assignment document signed. Business subsequently closed. I'm now being sued by tenant for back rent. What is my liability?
1 Answer from Attorneys
Re: what constitute lease assignment?
I am confused by who is a party to which agreement. A tenant (or landlord) generally has the right to assign his tenancy (or landlord) rights to a third party unless specifically precluded or limited by the lease agreement. So, a lease assignment is generally a contract between the then-current tenant or landlord and a third-party who takes over the lease as a tenant or landlord and has the same rights.
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