Retail leasing FAQ9: I want to sell my retail business. Do I have to tell the landlord?
I want to sell my retail business. Do I have to tell the landlord?
- Not required to until you have a buyer and wish to seek the landlord’s approval to transfer the lease to the new person
- Lessor cannot unreasonably withhold approval but are entitled to reject any proposed assignee who doesn’t meet the essential criteria which includes;
- Substantially the same permitted use
- Qualified/experienced to operate that type of business
- Financially able to meet all lease obligations