Getting out of a Purchase and Sales Agreement - Can I???????

JohnD · Dec 1st, 2007, 10:12 AM

I recently signed a Purchase and Sales Agreement with 2 weeks of a due diligence period. On one section of the agreement it states,"A valid lease or agreement of lease, Sublease of existing lease, or new lease shall be provided by the seller to the buyer. Buyer shall be relieved from this purchase agreement if this item cannot be satisfied by closing."
I recently saw a copy of the new lease that the seller signed just before I signed the sales agreement and there is a clause that states that the property owner can give 120 days notice to throw me out because of sale of property or tear down renovation.
My question is, can I get out of this business purchase by writing that this is not a valid lease?
HELP!!!!!!

Dec 4th, 2007, 02:50 PM

It is a judgment call for a court but 120 days means you really have no lease guarantee at all, and that really should not suffice.

Dec 1st, 2007, 10:12 AM	#1
JohnD Junior Member Join Date: Dec 2007 Posts: 1	Getting out of a Purchase and Sales Agreement - Can I??????? I recently signed a Purchase and Sales Agreement with 2 weeks of a due diligence period. On one section of the agreement it states,"A valid lease or agreement of lease, Sublease of existing lease, or new lease shall be provided by the seller to the buyer. Buyer shall be relieved from this purchase agreement if this item cannot be satisfied by closing." I recently saw a copy of the new lease that the seller signed just before I signed the sales agreement and there is a clause that states that the property owner can give 120 days notice to throw me out because of sale of property or tear down renovation. My question is, can I get out of this business purchase by writing that this is not a valid lease? HELP!!!!!!

Dec 4th, 2007, 02:50 PM	#2
Unregistered Guest Posts: n/a	Re: Getting out of a Purchase and Sales Agreement - Can I??????? It is a judgment call for a court but 120 days means you really have no lease guarantee at all, and that really should not suffice.

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Getting out of a Purchase and Sales Agreement - Can I???????

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