What to do regarding purchasing a business with 6 months left on the current lease?

I am purchasing a convenience store from a family that has 6 months on their lease. Then my lease starts with the property owner. Is it illegal for the property owner to notify me that the current lease will be ending and there isn’t a possibility to resign the current lease?

Asked on May 25, 2012 under Real Estate Law, Oklahoma

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

No it is not illegal.  You need to stop and step back for a moment.  You are purchasing the business subject to the lease in palce and I would not purchase it unles sand until you have an agreement in place with the landlord for an extension of the lease agreement.  Please seek legal help asap.  Good luck.


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