Over the past year – when representing purchasers of sag stations and car washes – there appears to be an increased trend where the prospective seller insists that landlord consent is not required. That is the seller asserts that the existing lease agreement permits the seller to transfer and assign the lease for the business premises to any prospective purchaser without further landlord consent. If you are purchasing a New York or New Jersey gas station or car wash and you are faced with a seller who refuses to provide you with "written consent and acknowledgments by the landlord" (also known as a landlords estoppel acknowledgment) then you should walk away from the transaction. No matter what the lease says you must insist on obtaining an estoppel acknowledgment from the landlord‚ here's why:
Your lease agreement will serve as a primary and critical asset for your car was or ghas station‚ so make sure you get it right. Avoid short-cuts and make no assumptions.
Find out about the steps to take and mistakes to avoid when buying a New York or New Jersey gas station or car wash‚ order a complimentary copy of Charles N. Internicola's book: "An Entrepreneurs Guide to Buying a Business".
Category: Business Transactions
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