Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Real Estate Agent
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated 9 months ago on . Most recent reply

User Stats

4
Posts
0
Votes
Eileen Baston
0
Votes |
4
Posts

Representing Landlord - Tenant selling business. Language for new lease

Eileen Baston
Posted

I represent Landlord in shopping center with multiple tenants.  Barbershop tenant is selling his business to another barbershop. Landlord has approved.  I will draft new lease.  However, current Tenant has one year left on his lease to be assumed by new tenant. Assignment is in place.  Do I treat this like an entirely new lease with new tenant? Do I include language in new Lease or is this just covered in the Assignment and include the Assignment as an exhibit...Do I just work off the original lease with original Barbershop tenant.  This is is new to me.  Thank you for any guidance.  

Most Popular Reply

User Stats

23,418
Posts
13,509
Votes
Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
13,509
Votes |
23,418
Posts
Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
Replied

Are you simply assigning the current lease (1 year left) or are you writing an extension for a longer term beyond the one year in addition to the assignment? If extending for a longer term I would simply write the longer term, particularly if you are adding different terms.

Loading replies...