What is the name of your state? CA
I bought a business about a year ago which had a lease of less than 1 1/2 years left in the current term. Also has 2 5-year options to renew. The business I bought is a franchise and I was advised to wait 'til the end of the lease term to change the name on the lease to my name. In the meantime, I decided to sell the business, and the landlord approved the buyer but he refuses to remove the old owner's name (one before me) off the lease. The landlord only wants to assign the lease to the buyer without issuing a new lease. The landlord is requesting financials from the old owner which I thought was odd since he should have that info in the first place. When I asked him this, he said it's because when he bought the building he didn't have this info for the old owner.
The old owner is refusing to release his financials. The current lease is up next month, but the landlord is saying the old owner is legally liable for the next 20 years! Is this true?
I bought a business about a year ago which had a lease of less than 1 1/2 years left in the current term. Also has 2 5-year options to renew. The business I bought is a franchise and I was advised to wait 'til the end of the lease term to change the name on the lease to my name. In the meantime, I decided to sell the business, and the landlord approved the buyer but he refuses to remove the old owner's name (one before me) off the lease. The landlord only wants to assign the lease to the buyer without issuing a new lease. The landlord is requesting financials from the old owner which I thought was odd since he should have that info in the first place. When I asked him this, he said it's because when he bought the building he didn't have this info for the old owner.
The old owner is refusing to release his financials. The current lease is up next month, but the landlord is saying the old owner is legally liable for the next 20 years! Is this true?