A lawyer for a commercial lease is the type of real estate lawyer who helps a landlord and tenant navigate a commercial lease agreement . As commercial lease agreements are way more complicated than residential agreements, people generally choose to appoint commercial lease lawyers so as to guide them through the process to make sure the agreements are mutually beneficial.
What Does a Commercial Lease Lawyer Do?
Commercial Lease Lawyer would act as advisors to landlords and tenants negotiating commercial lease agreements. These lawyers would specialise in drafting, analysing, and understanding these agreements. These lawyers are important to be hired in case of tenants and landlords as the complexity of commercial lease agreements is greater than that of residential agreements.
One must understand that there are numerous aspects of a commercial lease which are different from residential leases. For example, for a office space lease , rent would be often based not only on the square footage of the property, as well as how it will be used.
Also, the landlords will not always be responsible for maintenance in commercials as in case of residential situations they typically will be. Instead, the commercial lease determines who is responsible for these fees.
Some agreements will determine as to who shall pay for property insurance, taxes, and utilities for the space. All such these details will be determined in the commercial lease agreement. Some of these agreements would include that these fees will be paid separately from the rent itself and some include them in the monthly rental cost.
Commercial lease attorneys are skilled to draft the above mentioned agreements and are experts to determine as to how such agreements should be worded. The goal of these agreements is to ensure that business owners must pay a fair price for the space they operate out of and that there shall be no surprises for either party to the contract once it has been finalised.
Commercial Lease Accuracy
Before a lease agreement is drawn up between a lessor and a lessee, letter of intent shall be created. This letter would include necessary details regarding the monthly rent, square footage, length of the lease, termination guidelines, etc.
Though LOI is a detailed document, incidences may occur where the information in the lease agreement is not helpful. Commercial Lease Attorney can help match up the promises in the LOI and the terms of lease agreements, thus, help adjusting if necessary.
As a lease agreement is important to a mutually beneficial tenant-landlord relationship, business owners who appoint commercial lease lawyers would more likely have a positive experience.
Use of Rental Property
As a commercial office space lease is rented with an intent of doing business, such agreement has to include information as to how such property would be used. thus, in case you intend to open a restaurant which sells merchandise as well, it must be written into an agreement.
Skipping this step would cause trouble between renters and landlords. As rent is often based on yearly income, failing to disclose such additional revenue sources could very well turn into a lawsuit. Commercial lease lawyers will help make sure that you cover all your bases to best protect yourself and your business.
Maintenance Responsibilities
A lease would always contains the details about who shall be responsible for maintenance. Costs related with maintenance will often be paid separately from rent and would include a few of the following points:
Security
Parking lot maintenance
Lighting
Electricity throughout the building
As maintenance fees in such areas could be costly, exact expectations are required to be spelled out properly in a commercial lease.
Out Clauses
Lease agreements could be signed for a few years or even longer in some cases. After signing these agreements, landlords would usually seek security against the funds due for these years in case something goes wrong.
Thus, in case your business fails, you will be held personally liable for these costs.
Out clauses are special terms in a property management agreement allowing the businesses to end their lease term early under certain special, predetermined circumstances. Say for example, landlords may allow tenants to sublet a portion of the building space.
Conclusion
Planning for the future should be a top priority for any business owner. commercial lease lawyer can help you make sure that you’re protected in case anything goes awry with your finances.
Therefore, it is important that you seek legal guidance from experienced commercial lawyers for matters which are related to commercial properties, etc.
Lead India offers you a team of experienced advocates who have been successfully dealing with matters related to property matters for both commercial and personal purposes. Hence, if you wish to ask a legal question or seek free legal advice online, you may contact us.
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