What to Do Before Entering into a Commercial Lease Agreement
Many businesses today begin in homes, in the garage and sometimes out of the trunk of cars. Every business owner dreams of having their own office once their business grows to a point where the home office or garage is no longer a good fit for the business. The following are certain factors that every business owner should take into consideration before entering a commercial lease agreement.
- Hire a Business & Residential Lease Attorney
An experienced West Palm Beach lease attorney will make sure the agreement works in your business’s favor. Sometimes leases are complex, lengthy, and contain language that’s not easily understood.
Additionally, your attorney will work to negotiate terms and ensure the landlord is not using any unfair tactics and offering the lease in good faith.
- The Location of the Property
The location of the space is important to you as the business owner and your current and potential clients. It should be a place where everyone feels safe and comfortable, as well as conveniently located.
Before signing on the dotted line, you should make sure the location fits your business needs. Keep in mind, once you’ve executed your signature on the agreement, you’ve entered a legally binding obligation.
- The Monthly Amount of the Lease
Can your business sustain the monthly payment? This is something to consider prior to entering into a commercial lease agreement. Will the landlord cover any repairs necessary for the property? Will the landlord help with the utilities?
You may be able to negotiate whether the landlord is responsible for utilities and repairs. Don’t sign the agreement until you are clear on what is and what isn’t covered concerning the property. If you have to pay utilities and repairs, this will be additional expenses that you may not have planned on having.
- The Length of the Lease
The length of the lease is important. Are you looking to try out the building to see if it will work? Do not be afraid to find out the minimum lease requirement. According to an article in Forbes, the first lease is usually short term.
Make sure the terms of the lease are in alignment with you and your business goals. You don’t want to be stuck and put at an disadvantage because you signed the agreement without considering the length of the lease.
- Ask Questions
If this will be the home of your business, there are questions you should ask. Some of the questions you may ask include:
- How many cars can the parking lot hold?
- Is there room for expansion?
- Has the property been involved in any major disasters? (Fires, etc.)
Contact Our Experienced West Palm Beach Lease Agreement Attorneys for Help with Entering Into Commercial Lease Agreements
If you’re interested in hiring an attorney to help you negotiate the terms of your commercial lease agreement, the West Palm Beach commercial, business & residential lease attorneys at Kelley Kaplan & Eller are available to assist you and your business. Contact us for a consultation at 561-264-6850.
Resource:
forbes.com/sites/groupthink/2015/06/02/negotiating-a-commercial-lease-heres-what-you-need-to-know/#6d70be52d5ce
