When busing a business one of the primary assets that you will be acquiring will be the seller’s leasehold interests in the business location. In New York and New Jersey where real estate is expensive, rent will constitute one of your largest operating expenses and will have a direct impact on the cash flow of your new business. Critically important to your business purchase, the lease agreement to be assigned to you or newly issued by the landlord must be reviewed extensively and evaluated with your business lawyer during your due diligence investigation.
If timing prevents the completion of lease negotiations “prior” to the execution of the business purchase agreement, speak to your lawyer about adding a “lease contingency clause” to your purchase agreement.
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