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Updated over 8 years ago on . Most recent reply

Khaled Seirafi's profile image
Khaled Seirafi's profile image
Khaled Seirafi
  • Investor
  • from Orange County, CA
  • Member since Apr 14, 2015
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Khaled Seirafi's profile image
Khaled Seirafi's profile image
Khaled Seirafi
  • Investor
  • from Orange County, CA
  • Member since Apr 14, 2015
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Khaled Seirafi
  • Investor
  • Orange County, CA
29
Votes |
125
Posts
General Landlording & Rental Properties

Transferring commercial lease - CA

Khaled Seirafi
  • Investor
  • Orange County, CA
Posted

Hi there,

One of our commercial tenants (property is in California) wants to sell his business and retire. We renewed his lease earlier this year with the knowledge that he might sell his business soon.

What process would you experienced BiggerPocketers recommend to do a commercial lease assignment to a transferee? By the way, he has a buyer for his business lined up who owns several businesses of the same kind. 

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Sean Murray's profile image
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Sean Murray
  • Commercial Real Estate Agent
  • from Redlands, California
  • Member since May 23, 2016
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Sean Murray's profile image
Sean Murray's profile image
Sean Murray
  • Commercial Real Estate Agent
  • from Redlands, California
  • Member since May 23, 2016
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Sean Murray
  • Commercial Real Estate Agent
  • Redlands, CA
16
Votes |
41
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Sean Murray
  • Commercial Real Estate Agent
  • Redlands, CA
Replied

@Khaled Seirafi Check the lease agreement to see if their is a sublease provision. Many commercial leases have them. Is the new buyer assuming the lease or are they wishing to throw it out?

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