Property Management
A Missouri commercial lease assignment requires the:
ATenant to vacate immediately
BLandlord's consent unless the lease specifically allows assignment without consent✓ Correct
CMREC approval
DNew tenant to be a Missouri corporation
Explanation
Commercial lease assignments typically require landlord consent unless the lease expressly permits assignment without approval. The landlord must consent to the creditworthiness of the new tenant.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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