Review and preparation of commercial leases:
Renting commercial space is a big responsibility. The success or failure of your business may depend on certain terms of the lease. Before you approach a landlord, you should understand how commercial leases differ from the more common residential variety, and before you sign anything, make sure you understand and agree with the basic terms of the lease, such as the amount of rent, the length of the lease and the configuration of the physical space.
Commercial leases are not subject to most consumer protection laws that govern residential leases. For example, there are no limitations on security deposits or rules protecting a tenant’s privacy.
Before you sign a lease agreement, you should carefully investigate its terms to make sure the lease meets your business’s needs. It is recommended that you have counsel involved in your lease team.
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The intent of the following is not to provide legal advice on how to document the business or legal points of a lease, but rather outline the points that should be brought to the surface by your negotiating team and resolved in your favor when possible. The list below provides guidance to several pertinent lease requirements that should be considered before signing a lease. This list may not be inclusive, thus, please discuss further issues with your counsel. Your attorney should review a negotiated lease for the following:
Lease Execution Checklist
In today’s business world, virtually every business person is required to develop significant negotiating skills for responsibilities such as hiring, working with vendors, or selling the firms’ products or services.
Nevertheless, those same managers often find themselves ill-prepared to negotiate a lease for office space with their prospective landlord or the landlord’s broker/representative. That inadequacy stems from the fact that most business typically negotiate a new lease once every five to ten years, while the party on the opposite side of the table goes through this same process virtually hundreds of times every year. However, if you are faced with the task of negotiating for the lease of new space, you have an opportunity to turn this disadvantage into your advantage by first bringing together a team of professionals to work on your behalf. That team will gather all pertinent data and assist you in analyzing the impact each lease proposal will have on the cost of your businesses’ occupancy.
Commercial Leases: What to Look For What to Look Out For