Landlord delaying closing

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by a searcher from Southern Polytechnic State Univerisity
in Clarkesville, GA 30523, USA

1yr ago

Landlord delaying closing

Trying to close on a business that has 2 locations. Both landlords are currently delaying closing. Anything I can do to get closed short of getting the blessing from the landlords?

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reply by a searcher 1yr ago
from Babson College in Syracuse, NY, USA

Sign the purchase agreement and close at a later date. All three deals I’ve done were a sign then close because we had to obtain customer consents to move the purchase orders to the new entity (one was a stock deal so it was a change of control issue). By signing the PA, you lock the seller in, but have an out in case you find something in diligence or you’re not able to get consent.

reply by a searcher 1yr ago
from George Mason University in North Carolina, USA

Third-party leases almost always will require landlord consent (in asset or stock deal), so make obtaining the consent a condition to close, or if you decide to close over it, have a backup plan as to (1) who's driving the consent process/paying fees if the landlord holds out or (2) alternative to move to another facility.