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two signatures on lease

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sheryl mcshane

Guest
What is the name of your state? illinois

i recently took over a lease of a business... i worked with only one signer... if the lease states 'this lease made as of day/month/year between 'mary' and 'fred', etc.... does not the "and" mean both have to sign over the lease to be legal? 'fred' says he was never told the business was sold. (signed over to me) if fred is right, then does this make the assumption of the lease null and void?
 


HomeGuru

Senior Member
sheryl mcshane said:
What is the name of your state? illinois

i recently took over a lease of a business... i worked with only one signer... if the lease states 'this lease made as of day/month/year between 'mary' and 'fred', etc.... does not the "and" mean both have to sign over the lease to be legal? 'fred' says he was never told the business was sold. (signed over to me) if fred is right, then does this make the assumption of the lease null and void?
**A: not in all cases. Take your lease to a real estate or business attorney for review.
 
B

Born to Lease

Guest
I am in Texas...I know that there are noted requirements as well as noted exceptions included in the Lease Contract. For example, the TAA Lease Contract states that "notice from one" shall suffice as notice from all...in regards to submission of the Notice of Intent to Vacate and submission of service requests and authorization of entry, etc.

As a Property Manager, I always require signatures of everyone who is responsible for the Lease Contract when executing a Lease. (will read Lease for confirmation, and if there is an exception, I will follow up with posting)
 

nextwife

Senior Member
If a leasehold title policy were issued and only one individual party were signing, I am fairly certain that a review of the corporate/LLC/ or partnership documents would be required by the title insurer. IF those documents were determined to give ONE party the authority to sign on behalf of the business, then that one party could indeed be the only signatory.

Without evidence of the authority of the signatory to bind the business you can't know if he alone has the authority to act in the sale of said business, or other similar acts, such as taking on a mortgage.

Do you know what authority the LLC or corp. docs gave the party who signed?
 

HomeGuru

Senior Member
Also writer, when you said "took over a lease of a business", what exactly does that mean? Was there an assignment or assumption of the existing lease? Was there a sub-lease created? Was consent to assignment or assumption agreed to and approved by the landlord? Did the lease include only the ground and building or did the lease include FF&E, inventory, asset & liabilities etc.
What else did Fred tell you?
 

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