What is a commercial lease?
A business property lease or commercial lease is a legally binding contract between a business owner and the owner of the real estate property.
These documents are tailored and are typically more complicated than residential leases. The lease terms and conditions must be carefully read to avoid any costly mistakes.
Can I negotiate the terms?
Yes, lease terms are often negotiable. Negotiable terms or restrictions include the rent amount, rent increases, the duration of the lease, the modifications you can make to the property, and whether you can transfer or assign the lease.
What else should I look for?
There are many issues to be aware of, so please seek legal advice before you make any commitments, including signing a lease, paying a deposit, or moving anything you own into the property.
- Ensure the length of the lease is suitable, as many landlords prefer to lock in a longer lease.
- Make sure you understand and agree to the way the rental increases are calculated.
- Read the section on property improvements very carefully as it should set out who can make changes, who pays for the modifications, and whether you have to return the property to its original condition at the end of the lease.
- Ensure the lease includes all the areas you expect to use, including bathrooms, parking areas, and common areas.
- Be careful that the lease doesn’t stop you from erecting signs in certain areas.
What if I am in a dispute with my landlord?
Firstly, call us to discuss the issue. We’ll review your lease documents to fully understand your commitments and those of your landlord. When we have all available information, your Boylan lawyer can help you consider your options, including negotiation, mediation, and court action.
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