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I want to put this condition on purchase agreement of

property, I need help improving...
I want to put this condition on purchase agreement of property, I need help improving this to be more legally acceptable. "Buyer will take over the current lease and will be fully responsible with the lease including collecting rent. Seller will no longer responsible for this lease" I'm in Los Angeles CA.
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Answered in 2 minutes by:
5/27/2018
Loren
Loren, Attorney
Category: Legal
Satisfied Customers: 39,233
Experience: 30 years experience representing clients.
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Thank you for using JA. I am Loren, a licensed attorney for over 30 yrs., and I am here to help.

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You would state that "all current tenancies will be assigned to the purchaser at closing. Purchaser will assume all rights and obligations under the assigned leases and agrees to indemnify seller for any and all claims asserted against seller under the assigned leases and arising after the date of closing..."

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Customer reply replied 2 months ago
by putting this on the purchase agreement, I don't have to draw separate agreement for transferring the current lease with the property right?
You would probably want a separate stand alone assignment at closing.
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That contract provision will obligated them to execute the assignment and indemnity at closing.
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Customer reply replied 2 months ago
putting above clause is not enough to make it ligitimage for me to release the obligation with the lease but need a seperate agreement? If so, can you please give me a sample agreement?

Here is a lease assignment that you can use as a template:

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Customer reply replied 2 months ago
putting above clause is not enough to make it ligitimage for me to release the obligation with the lease but need a seperate agreement?

The clause is enough, in a general way, but I would strongly suggest you also get a separate specific assignment agreement with indemnity at closing.

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Customer reply replied 2 months ago
Thank you!
You are very welcome.
If you have no further questions, and have not yet done so, please remember to leave a favorable rating (click 5 stars in the rating section on this page). It is the only way that I am credited by JustAnswer for answering your question.
There is no additional charge to you for rating me favorably.
A bonus is not expected, but is always appreciated.
Thank you for using JA.
Loren
Loren
Loren, Attorney
Category: Legal
Satisfied Customers: 39,233
Experience: 30 years experience representing clients.
Verified
Loren and 87 other Legal Specialists are ready to help you
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Customer reply replied 2 months ago
On the template you provided, it says "NOW, THEREFORE, for and in consideration of the sum of Ten and No/ 100 Dollars ($10.00)" What's this mean and what's this $10 for?Also what do I put on Exhibit A and Exhibit B? Can I use the current lease agreement between me and the lessor as Exhibit B?

The $10 ("...and other good and valuable consideration...") fulfills the legal requirement of consideration for an enforceable contract.

Exhibit A is the legal description of the property which you can get from the deed or title commitment.

Exhibit B is the list of leases on the property. You can attach the leases.

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Customer reply replied 2 months ago
Thank you but what's the legal description of the property? can you give me an example?

You will see it on your deed or other prior recorded instrument regarding your property.

It may start out something like "Lot 1, Block 1, ....Minneapolis Addition, ....Hennepin County, Minnesota."

You can omit that exhibit if you want. The lease assignment is valid without it.

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Customer reply replied 2 months ago
do you type the legal description on Exhibit A page or just attach the deed as Exhibit A? Also is it possible to send the deed and lease agreement by email and use as exhibit A and B? if so, what do I write on Exhibit A and B page and on email?

Yes, just type in the legal description description from the deed.

Write "See attached lease".

Do not attach the deed to the assignment.

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Customer reply replied 2 months ago
Thank you!
You are very welcome.
If you have no further questions, and have not yet done so, please remember to leave a favorable rating (click 5 stars in the rating section on this page). It is the only way that I am credited by JustAnswer for answering your question.
There is no additional charge to you for rating me favorably.
A bonus is not expected, but is always appreciated.
Thank you for using JA.
Loren
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Customer reply replied 2 months ago
Loren, is it ok to get the signed copy of the assignment of lease by email or do I need to keep the original signed agreement?
You can have multiple signed documents. Try to get an original.
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