Basics of a Commercial Lease Agreement
Renting a commercial building is a major responsibility; the success of your business involves finding the right space. Also, the terms of your lease agreement can have a major impact on your operation. It is extremely important to have a properly structured commercial lease agreement that has protections for you, remedies if something goes wrong, and the terms that you need for the successful operation of your business. It’s also a good idea to familiarize yourself with the basics of a commercial lease agreement and to ask a Fort Lauderdale commercial real estate attorney if you have any questions or concerns about your particular agreement.
Commercial leases are usually detailed and highly negotiated
A residential real estate lease is usually fairly straightforward while a commercial real estate lease will usually be detailed and involve several points of negotiation. Landlords will want to ensure that they get a quality tenant who will properly maintain their building and follow the law in regards to their business practices. Business owners want to negotiate several points involving features that they need in their building, building maintenance, their obligation of expenses and more.
Business owners can benefit from having an attorney available during negotiations
Business owners can significantly benefit from relying on their Fort Lauderdale commercial real estate attorney for advice during these crucial negotiations. As previously mentioned, a properly structured lease will offer several protections if things do not go as planned and its terms will be clearly outlined. Business owners should have the option to renew the lease if necessary, they should know what the requirements are for the return of the security deposit, and they should have an option for early termination if needed, among other points.
Commercial leases have fewer protection laws
As a general rule, commercial leases don’t have the same protections that residential leases do. State laws in Florida and many other states assume that business owners are more savvy than residential consumers, so the same protections that are in place against deceitful landlord practices are often not available. This makes it even more important to hire an attorney right at the start of negotiations with so much on the line and with fewer legal options available when something goes wrong.
A knowledgeable attorney will protect you as a business owner and ensure that you get everything that you need in your commercial lease. Remember that you don’t have the same protections as a residential tenant. To learn more about commercial lease agreements or to get assistance with a negotiation you are involved in, call Mark Schecter at Schecter Law today at (954) 779-7009 for more information or a consultation.