If I sell my business, do the leases on the buildings go with the sale?
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If I sell my business, do the leases on the buildings go with the sale?
I recently sold my business and had full
disclosure to the person buying. There are 2
locations, both with separate leases on the
space, which she had been provided to review
prior to sale. She is now saying she wants to
close one location. Would I still be
responsible for the remaining lease? I live
in the state of Wisconsin.
Asked on January 31, 2017 under Business Law, Wisconsin
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
It depends on what the agreement or contract of sale said. Notice or disclosure of leases is not enough: they do not automatically "go" with the sale of the business, since someone could buy a business without taking over the leases. The buyer took over whatever she agreed to buy or take in the contract or sale agreement. If that agreement had her taking over both commercial leases, she, not you, is responsible for them. But if she did not specifically take over the leases, you would be liable for them still.
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