3 Tips for Not Going Wrong with Your Commercial Property Lease
23 Jul, 2018
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After some time searching, you’ve found the perfect property, the commercial space that meets your business needs. Now, it’s time for you to negotiate a commercial property lease. This is not an easy task because you have to make sure the lease has everything that you want before you proceed to sign your name and agree to anything.
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A lease is a legally binding document and, because of this, it is necessary to fully understand the terms and what you are getting into prior to making any final decisions. Below, we’ve prepared a list with 3 tips that will help you make sure you are getting the right lease.
Walk Through the Property
Although it may appear as obvious, it is a fundamental step. If you don’t want anything to find with unexpected and unpleasant surprises after you sign the contract, you must walk through the property first and make sure everything is in order. This will help you to know what you’re getting into and if you need to make any reparations or modifications before you sign the contract. You can even take photos of how the property was before you moved in, in case any complication arises.
Read the Lease Thoroughly
Another big tip for dealing with commercial property leases is to read every single word of the lease. This will ensure that you are able to receive answers for important questions regarding the monthly rent, deposits, who you are renting the property from, additional fees, insurance, renewal terms, and occupancy information. If you don’t understand something in the lease, don’t sign it.
Make Sure Repairs Are Finished Before Moving In
This should be a non-negotiable item for you. If the commercial property for lease needs significant repairs, make sure that the landlord completes the repairs before you sign the lease. If you have to move in before the repairs can be finished, make sure the lease details a work schedule and completion date for the work. The last thing you want is constant disruptions for your business while the landlord nonchalantly works to make the repairs.
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