Can I transfer my ThemeForest theme license to another person?

I’ve been running a website of my own around 6 years and I’m now selling the website (domain, content, everything) to a person. I’m using SmartMag Wordpress theme in my website.

Can I give the SmartMag theme alongside with my website to the person I’m selling or does he need to purchase a license of his own of the SmartMag theme to keep using it?

Technically assuming you don’t use the theme elsewhere then yes but it would be a much better idea for them to buy their own license cos otherwise they won’t be able to access updates etc. as those will only be available via your account (which you can’t transfer)

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Ok, thanks for your answer!