What is a Commercial Lease?
These types of documents are often more complex than residential leases because they are usually heavily tailored to each situation on a case-by-case basis. The lease terms and conditions must be carefully scrutinized and matched to your business needs. It is crucial that this document is drafted properly in the beginning of your acquisition or sale process, in order to avoid any issues that could impact the operation of your business.
Can I negotiate the terms of my lease?
The terms of a lease are generally negotiable. Examples of negotiable terms include: the length of the lease, the cost of rent, assignability or transferability of the lease, deposit amounts, price increases, and whether any modifications to the property are allowable.
What other things should I look for?
Every person’s situation is different. However, the following are examples of common topics that come up when meeting with new clients:
Be certain to consult an attorney before committing yourself to any terms. This includes paying a deposit, signing anything, making a verbal agreement, or moving anything to or from the property.
Review your lease contract and read for any terms and conditions that may be application to your issue. Then, be sure to denote any rights and responsibilities that either you or your landlord are bound to. After reviewing these, see if the contract limits you to arbitration or mediation. Once you have done these things, contact us and we will schedule a consultation to discuss your next steps.
Why is owning commercial real estate better than leasing? Learn the advantages and disadvantages by reading this blog post.