Purchase & Sale Sale Of My Business / Sublease

[travis93]

- I have a remaining 3 1/2 Year Lease with a Monthly rent of $3,000.00 and a $6,000.00 Deposit.

- My brother is willing to buy my Business/Restaurant and to do so I am willing to accept Monthly Payments for the purchase of my Business/Restaurant.

- The Landlord was adviced via telephone in January of this year that I wanted to sale my business. She Said " that's fine but I will need to qualify that person first before taking over your Lease". I said no problem. Now a Month ago my brother said he wants to buy my Business. So I send my landlord a letter saying that my brother was willing to take over the lease that she needed to respond to me as soon as possible so he can fill up any paper work with information of his and get him qualified. She calls me back a Month later saying that my brother can NOT take over my Lease And also said That my only option was a Sublease, unless BBK or Jack in The B0x were the one taking over the Lease. Now my brother didn't had a chance to see if he was or is qualified. The Landlord simply said no!

I own another restaurant in a different city in the same county.

- I am willing to do the sublease but how does a Sublease works? Does my brother pays me the $3,000.00 and then I pay the Landlord? I am kind of confuse here.

Also what should I do as far as taking payments from my brother towards the purchase of my business? Does my 6k deposit goes with the sale of my business?

In the contract says I can sublet to anyone but i need to get permission from Landlord first in written!


Thanks In Advance,
Traviss

 

[maltease]

You already have the landlords permission to sublease to your brother, just ask the landlord to put it in a letter. Send her another letter, which states her verbal agreement for the sublease, and ask for written confirmation. She really does not want to litigate to enforce a lease on an empty building, so you do have some leverage because you offer her a way to keep a viable business running in the location. In a sublease, you are still responsible for the rent payments, so to be sure things go well, your brother should pay your and you pay the landlord. That way you will know immediately if he skips a payment. But, with the landlord's agreement, your brother can pay her directly.