I purchased an existing business in Sept. 2008 and included in the Bill of Sale is a sentence that reads "...including but not limited to all right, title and interest in the business tradename, tradestyle, goodwill, leasehold interest and improvements, a covenant not to compete, inventory, rolling stock, machinery, vehicles..."
Before the actual sale, the seller had me submit an application to the property management company to make sure I could qualify for the lease assignment. I qualified, we went through with the sale and I took over the business and the leased business property in Sept. 2008. It is now Jan. 2009 and the seller has never gotten the lease assignment to me. After many, many calls and emails to both the seller and the prop. management company, I was informed by the seller that since it is a "lease assigment", all previous people on the lease need to sign off in order for the lease to be assigned to a new person. For some reason, a previous lessor on this current lease will not sign off. Therefore, I have no actual signed lease on the property that I currently run a retail business out of and have occupied for almost 4 months.
I now have an opportunity to lease a much nicer, newer, bigger, better located property for about 1/3 of what I am currently paying in rent.
My question is: Since I have no actual signed lease with my name or business name on it, and with the wording of the Bill of Sale...am I liable for the remainder of the lease or can I go elsewhere and start a new lease.
Thanks!
Before the actual sale, the seller had me submit an application to the property management company to make sure I could qualify for the lease assignment. I qualified, we went through with the sale and I took over the business and the leased business property in Sept. 2008. It is now Jan. 2009 and the seller has never gotten the lease assignment to me. After many, many calls and emails to both the seller and the prop. management company, I was informed by the seller that since it is a "lease assigment", all previous people on the lease need to sign off in order for the lease to be assigned to a new person. For some reason, a previous lessor on this current lease will not sign off. Therefore, I have no actual signed lease on the property that I currently run a retail business out of and have occupied for almost 4 months.
I now have an opportunity to lease a much nicer, newer, bigger, better located property for about 1/3 of what I am currently paying in rent.
My question is: Since I have no actual signed lease with my name or business name on it, and with the wording of the Bill of Sale...am I liable for the remainder of the lease or can I go elsewhere and start a new lease.
Thanks!