Property Management
A Wisconsin commercial tenant's assignment of lease must typically be approved by the landlord because:
AAll lease assignments are illegal without court approval
BCommercial leases typically contain anti-assignment clauses requiring landlord consent to protect the landlord's interest in the creditworthiness of occupants✓ Correct
CDATCP requires landlord approval for all assignments
DCommercial assignments require DSPS review
Explanation
Commercial leases commonly include provisions requiring landlord consent for assignment to ensure the landlord can evaluate the creditworthiness and suitability of the new tenant.
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Key Terms to Know
Short Sale
A sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Earnest MoneyA 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.
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