Transfer Of Lease Agreement Upon Change Of Ownership

Keep your tenant informed of changes to the property or property management with the notice of change/administration. You need to make sure that your decision to take over a business is properly informed and that the terms of the lease probably influence your decision. This is certainly good news for tenants who have already terminated an existing lease and are banking on a new lease, but have not yet started with such a new lease before the property changes ownership. There are a number of legal considerations that you need to consider when transferring a commercial lease to ensure that it is properly executed. Once the property has been transferred to the tenant, the rights and obligations of the leaseholder are transferred to the new owner of the property under the law of the obligation. This means that if you. B have moved into a rented apartment as a tenant, the apartment is in your possession and the rental agreement is automatically transferred to the new owner. If the new owner wants to enter into a new lease with you after the purchase of the apartment, it is really not necessary. Such a topic may be on the agenda, for example, if the new owner wants to change the terms of the contract for you – for example.

B, to increase the rent. If you do not wish to enter into a new contract, the new owner of your apartment only has to accept the situation or terminate the lease. As a general rule, an open lease can be terminated with 3 months` notice. However, a fixed-term lease can only be terminated for a good reason – for example, if the tenant pays the rent for three months of delay. When you buy, sell or transfer ownership of a business, you must ensure that commercial property, commercial lease and all other important documents are properly transferred. Otherwise, you could make yourself financially and legally responsible for another person`s commercial lease. Be sure to always check the land registry`s entries when buying a property. If z.B. a lease has been registered in the land registry, you cannot terminate that lease, even because of the differences in ownership of the property. Different service services or mortgages can also be registered in the land registry, which can become problematic later on.