when a business is sold the buyer must be approved by the landlord to be granted an assignment or a new lease. they do this because they want to know how much the seller will make when they sell the business, and they may want a piece of the action. the best defense here for a seller is to negotiate the removal of a personal guarantee when renewing a lease years before selling the business. if you signed a lease you should have an agreement with your landlord regarding the use of the space to run your business… what kind of offer is he requesting of you?

a lease assignment agreement is a short document that allows for the transfer of interest in a residential or commercial lease from one tenant to another. within a lease assignment agreement, there is not that much information included, except the basics: names and identifying information of the parties, assignment start date, name of landlord, etc. what this means is that all of the terms in the original lease are deemed to be included in the lease assignment agreement. a lease assignment transfers the whole interest and puts the new tenant in place of the old one.