The Definition of Leasehold Buyout
A leasehold refers to a situation whereby you obtain the right to use a certain piece of real estate property because you sign a lease agreement with the property owner. A leasehold usually runs over a long period. A leasehold buyout ends this arrangement, usually through the payment of money.
Effects
A leasehold buyout ends your tenancy in the property and transfers all your interest in the leasehold property back to the owner. You no longer have the right to live in the property and no longer have to pay rent to the owner. All the terms of the original lease agreement become invalid, overridden by the new leasehold buyout contract. The owner regains the right to do whatever he wants with the property.
Possible Reasons
As the tenant, you may initiate a leasehold buyout to move to another location -- for example, if you intend to buy another property or if your company relocates you to another city. If you use the property for business, you may want to move your business to a location that will generate more profit. The landlord may choose to end the leasehold if he intends to move into the property. He may also find a better, more profitable use for the property -- for example, by renting it out or selling it to another party.
Process
Either the tenant or the landlord approaches the other party to discuss ending the tenancy at the beginning of the leasehold buyout process. If both parties reach an agreement regarding the buyout price, the date and other terms, they then prepare a legal contract and sign it. After both parties sign the document, the original lease becomes null and void. You then have to vacate the rental premises by the date specified on the buyout contract.
Cost
The party that starts the leasehold buyout process has to pay the other party for ending the leasehold. If you're the one who wants to move out, you must pay the landlord. Otherwise, the landlord has to pay you. The amount to pay depends on various factors. The lease agreement may specify the amount to pay in case of a buyout; otherwise, you possibly can negotiate the amount with your landlord.
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