What happens if I bought a business that had no lease?
Question Details: I purchased a restaurant from somone that did not have a lease with the landlord for the property the restaurant is located in. Now the owner I purchased it from has passed away. Am I still responsible for this business or can I walk away since it seams the original owner could not legally sell. I have also come to find they owed the IRS.
If they had no lease, what did you purchase? Didn't you check this out before? You can walk away, but you may owe the LL rent.
Wihtout more information,I cannot advise.
