What is meant by Landlord Approval

This is the process where the landlord approves an incoming purchaser/buyer of the business to take over the current existing lease that is in place. 

The buyer will need to satisfy the landlord's requirements such as being financially able to pay the rent, cover the bond and have the same experience as the outgoing tenant to be able to carry out the business.

Once the landlord approves the new buyer/tenant then the relevant lease documents are drawn up and signed. This is usually done after contracts have exchanged but before settlement can take place.