Commercial Leasing Agreements: Tenant Edition
Looking into real estate can be a challenge to some people. Other people may just see a good location and sign right away, not knowing what they are contracting themselves into. Other people take the time discussing the terms of the lease with the landlord. When you begin to look for commercial property, compare prices of other properties, determine how long you want to lease the property for, express what other expenses you are willing to pay, and most importantly read over the lease agreement before signing it. Tenants must be careful when signing leases because they are difficult and can be costly to get out of.
Landlords will try to get you to sign leases without reading over them. You should always read over your lease to check for any discrepancies from what the landlord had previously stated. There could be hidden expenses in sections of the rent or utilities portion. Landlords may agree to move tenants to a different property if one becomes available during the term of the lease, but if the lease does not state the terms of that agreement, it could leave the tenant paying for moving expenses. If the property is bigger than the building they are currently residing in, there may be higher costs to moving. If the office supplies and equipment are too big or there is too much, landlords could make the tenant move the equipment because it was not laid out in the lease. The lease should state the extent the landlord will be involved in the moving process and what will be the responsibility of the tenant during that time. Make sure the length of residency in the lease matches what you have agreed upon. You do not want to think the agreement is only six months and end up stuck in the lease for a year. If you are having trouble reading the lease and the legal jargon involved, reach out and get help from a commercial lawyer.
Having a plan and taking the time to look over the agreement can save you stress, time, and money in the future. The expense of a lawyer now could outweigh the expense of trying to terminate a lease. The commercial lawyer will help in the process of contracting a fair agreement between landlord and tenant and inform the tenant of everything the agreement states. Later on, if there is a dispute over the lease agreement, there is already a lawyer familiar with the terms of the agreement and can help settle the matter. So do not go signing a lease without reading through the ins and outs of it or having someone read over it and explain it to you.