If we are buying a nail salon and the landlord insists that the sellers remain on the lease for 3 years, will that give them any claim to our profits?
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If we are buying a nail salon and the landlord insists that the sellers remain on the lease for 3 years, will that give them any claim to our profits?
Asked on October 20, 2014 under Real Estate Law, Minnesota
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
No, the seller's would only have a claim to your profits if there is an agreement giving them some right to or claim on your profits; the fact that they remain on the lease is actually not all that uncommon (sometimes, the seller's don't "remain on" the lease, but instead guaranty the buyer's rent, etc. obligations) and does not affect anything other than the lease and the obligation to pay rent--unless, as stated, there is some agreement giving them additional rights.
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