Legal relationships - Essay Example

Legal relationship This paper explores the ideas that are involved in leasing of properties. The paper aims to establish a solution for an individual how initially took a five-year lease to acquire an office in a building to start a video game business. Months later, the business encounters an unexpected downfall due to completion from a business of the same kind making the products of this company appear as imitations. However, the lessor wishes to assign the lease to another party. The main objective of the paper is to elaborate the issues that are involved in the transfer of the lease contract.

Legal relationshipThe there are various types of lease contracts and with different terms and conditions. The lease involved in this instance is the lease of real property. However, various issues are associated in the transfer of a piece of real estate. According to Pfeiffer, Timmerbell, Johannes Dotter and Idwell, the legal consequences associated with the transfer of leased piece of real estate property is dependent on the application of the civil code (2009). If there is the application of the civil code to the lease contract, it offers the possibility of the acquirer to terminate existing lease contract under the terms and provision offered by the law.

This is done within fourteen days if not agreed upon and the seller has the obligation of compensating the lessee. The transfer of the contract by the lessee is possible through a sublease or if the lease contract contains provisions allowing the transfer. However, there are various provisions and it is advisable to review each case individually. Conclusively, it is possible to transfer the lease to another prospective investor if an individual is unable to continue financing the lease contract.

It requires that a person follow the outlined formalities in order to facilitate the transfer of the lease contract. This assist to ensure that the transfer of the piece of real property is conducted appropriately without creating potential problems that can be faced.ReferencesPfeiffer G. F,  Timmerbeil Sven, Johannes dotter F& Tidwel K. L. (COL). (2009).International asset transfer: an overview of the main jurisdictions : a practitioners handbook .New York: Walter de Gruyter.