On behalf of Michael Brooks of Law Offices of Michael A. Brooks posted in blog on Saturday, March 17, 2018.
Embarking on the search for the perfect commercial property to lease is more than about finding the right location for your business. Here are some important points that an attorney can make you aware of that can make an impact on your lease agreement.
Go Beyond the Starting Line
The first lease agreement that the landlord presents to you is just the start of the negotiations. Make sure that you have a lawyer representing you that is comfortable and experienced with lease negotiations. Working out a deal that you and the landlord can live with does not need to be a protracted process when you have expert advice on your side.
Review with due diligence
Since a lease is a legal contract, it makes perfect sense to hire an attorney to do a thorough review of the lease agreement both during negotiations and after the final document is finished. Your lawyer will plow through the whole agreement with an expert’s eyes, which will reveal any subtleties in the clauses and enable you to know exactly how much you will pay for your space.
Curb in Financial Liability
Legal consult can review the proposed agreement thoroughly to ensure that there are no surprises hidden in clauses that can get you in over your head financially. An example would be a provision that you as a tenant would have to pay for a landlord’s improvements on the property.
Know When to Bail
Your attorney can negotiate a bail-out clause for your lease. This clause protects you if your sales do not make it up to a pre-determined level. Your liability exposure to the full lease amount is limited.
There are multitudes of details in a commercial lease agreement that matter for your bottom line. Protect your interests and ensure that you get the best deal possible with a lease review and representation during the lease negotiation process.