Updated almost 4 years ago on . Most recent reply
Commercial LL- A question about lease surrender
Hello all, my SIL is exiting a retail business and selling it to a new owner. She currently rents her retail space in a strip mall in NJ. She connected the buyer to her commercial landlord, and he gave my SIL a lease surrender (her initial lease was set to expire in April 2023) for an end date of Aug 31, 22. Is a lease surrender a common practice? I am in residential and do not have any experience with this. Also, he added in the lease surrender that he will keep her security deposit and apply it to the business's new buyer's lease. Is this common practice? Should she ask for compensation from the buyer since it seems they will not be giving a security deposit to the landlord? Any information is appreciated!