Any procedures when commercial tenant is selling their business?

[Tamas Z.]

Hey everyone,

I've got a commercial property, and a tenant is looking to sell his business, which would basically mean the business (a store) stays there, but is under a new owner. The lease is with the business entity.

Is there anything I need to be aware of, or things I have rights to? Like for example, what if the new owner wouldn't normally meet screening criteria?

My understanding is that the property owner needs a written document about the transition happening.

Is there any standard procedure (e.g. I can screen them as if they were a new applicant before it's allowed to go through) I can do here, to stay safe? Or is that kind of thing stipulated entirely in the existing lease, with no overarching regulation? (I'm about to go double check the lease, but wanted to put a feeler out there)

Also, since I haven't done it before (in this special case or just in general): When screening a new commercial tenant, can all the same tenant screening services used for regular rentals (e.g. mysmartmove) be used, or does it have to be a special thing specifically for commercial property, even if the business that's applying doesn't have a history, and is a new business?

Thanks much!