Feb
07
Is A Retail Lease Agreement Legal if Only One Party Signs It?
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We signed a retail lease 3 months ago. The prospective landlord says he will sign it as soon as he gets some additional permits. We are tired of waiting. He has not asked for a security depost either. Is this lease still legal, as we feel as though we don’t want to pursue this anymore since he keeps giving us one excuse after another. Thank you!
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3 Comments
February 9th, 2010 at 3:59 pm
I recommend that you contact an attorney who specializes in Real Estate Law in the Jurisdiction where the property is located.
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The law with respect to this issue varies from State to State.
February 10th, 2010 at 10:00 am
Probably not. Most commercial leases have a clause that states that either party can pull-out if the premises are not available with a certain time frame. Check your lease verbiage.
If you have not given any money to the landlord there isn’t any consideration, so the lease is not valid. First thing that you learn in Business and Contracts 101 is that in order for a business agreement to be valid there must be consideration. Other words, you needed to at least have given a “good faith deposit” and agreement signed by the landlord.
February 10th, 2010 at 5:48 pm
Darling Listen:
A lease assignment is an agreement to transfer all rights, title and interest in teh lease to the assignee. It is a complete transfer. Many leases require that the assignment have the landlord’s written consent. An assignment that lacks consent can be avoided or nullified by the landlord. State statutes may specify that the landlord may not unreasonably withhold such consent. Also, a landlord who knowingly accepts rent from the assignee may be held to have waived the consent requirement.
Your query did not list enough details.
When an assignment is valid, the assignee acquires all of the tenant’s rights under the lease. But an assignment does not release the assigning tenant from the obligation to pay retn should the assignee default. Also, if the assignee exercises an option under the original lease to extend the term, the assigning tenant remains liable for the rent during the extension, unless the landlord agrees otherwise.
Find out what the laws are in your state.