What happens to leased equipment already in use on the property?
The parties will state how this will be handled in the purchase and sale agreement. Leased equipment is normally paid off at closing, and will be charged to either the buyers or sellers, depending on their agreement. Some leased equipment can be assumed by the buyer. If the buyer chooses to do so, they will need to contact the leasing company to get approval and initiate the transfer of the lease.
Related Questions
- What happens to any other leased equipment already in use on the property... Like water heaters, security systems, and others?
- What happens if, as a result of revaluing property, plant or equipment, the estimated useful life of the asset changes?
- What happens to leased equipment already in use on the property?
