Consumption and Real Estate
Can I get out of a lease if the leasing company never signed anything?
Question : Can I get out of a lease if the leasing company never signed anything?
In 2006 I started a business with some equipment on a commercial lease. Since then the business closed and I am stuck paying a lease I can no longer afford. I asked for a copy of the lease a few days ago and they faxed it to me. Going through it I noticed they never signed it. It is now 2008. Is there a way out for me or am I still stuck with this lease?
commercial leasing companies
Best answer:
Answer by reenzz
You are most likely stuck. I’m sure if it went to court…the landlord will no doubt have a signed copy (by both parties) of the lease.
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#2 written by es 1 year ago
See a lawyer. There may be a way of terminating the lease early, by prepayment or a sublease arrangement possible. Is it possible that you could find someone who might sublease the equipment from you, subject to the approval of the lender? I would call the lender and ask, and tell them you are no longer in business, and don’t want to default.
You need legal advice. No one on this forum knows what your documents say! You need to find your copy of the lease, to see if it is signed,and what the provisions say. Most small businesses have personal guarantees for leases, so the owner winds up paying whether the business is defunct, or a working entity.
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Where is your copy of the lease, did they sign that copy? They probably have another copy which was signed by them. You signed the lease so you agreed to the contract. Do not hang your hat on their signature.