Tuesday, August 24, 2010

Do I have a case? (Recently purchased a business)?

I recently purchased a business and after escrow closed I got a CAM reconcilliation overdue bill from the landlord for months prior to me taking over. I spoke with the owner and he said he would pay it but it's been 5 months and no payment (I have email confirmations from him.) The landlord is saying that i am responsible since I bought the ';business'; and that I assumed all legal liability. Regardless i need to pay before they terminate my lease but I was wondering how this got passed escrow and is there a way for me to collect the money from the previous owner?Do I have a case? (Recently purchased a business)?
I purchased a business a couple years ago, and faced EXACTLY the same situation - the landlord tried to collect the CAMS from me that the previous owner owed.





I pointed out to them that although I had purchased the store, I am legally a different entity (the store was a sole proprietorship), and I cannot be liable for the previous owner's debt. They stopped trying to collect from me.





Of course, it also helped that the purchase agreement clearly stated that I was not liable for any undisclosed debts owed by the previous owner.





If you can't work it out with the landlord, you can either pay it off and go after the former owner, or you can get a lawyer to defend you against the landlord.Do I have a case? (Recently purchased a business)?
I would say it's time for you to contact a lawyer to ask how this got past escrow and just what your options are.





Hoping for the best for you!

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