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Dwayne B.
Dwayne B., Attorney
Category: Landlord-Tenant
Satisfied Customers: 33564
Experience:  Began practicing law in 1992
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I'm selling a business and landlord require me to become a

Customer Question

I'm selling a business and landlord require me to become a guarantor for 3 years, what should I require from buyer as a security to become their guarantor?
Submitted: 11 months ago.
Category: Landlord-Tenant
Expert:  Dwayne B. replied 11 months ago.

Hello and thank you for contacting us. This is Dwayne B. and I’m an expert here and looking forward to assisting you today.

Expert:  Dwayne B. replied 11 months ago.

What do you mean? Can you rephrase?

Are you asking what kind of asset to ask for?

Customer: replied 11 months ago.
I'm selling my business and lease will be transferred to buyer but landlord requires me to be a guarantor for 3 years. What should I do to buyer as security?
Expert:  Dwayne B. replied 11 months ago.

Are you asking what type of asset to require from them for you to be the guarantor?

Customer: replied 11 months ago.
Expert:  Dwayne B. replied 11 months ago.

Any asset will do. What most people do is require that the person they are serving as guarantor for either 1) get a bond or 2) deposit cash in that amount into a trust account to reimburse you if they default. A bond works the same way and requires less money up front for them. Most independent insurance agents can locate a bonding company who will put up the bond.

Expert:  Dwayne B. replied 11 months ago.

If the person taking over the business has some CDs, then these can be used as well. You would want a lawyer to draft the agreement between you so that it isn't necessary to sue them and go through the entire court proceeding before you can collect.

Customer: replied 11 months ago.
Do you do this service? Draft an agreement ?
Expert:  Dwayne B. replied 11 months ago.

No, unfortunately we're not allowed to.

You can find a lawyer to assist you by going to and in the section for Area of Practice enter Business Law or Contract Law. Either of those will have the skill set you need.

If your question has been answered then I'd offer my best wishes to you and ask that you please not forget to leave a Positive Rating so I receive credit for my work.

Of course, please feel free to ask any follow up questions in this thread. I want to be sure that all of your questions are answered.

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