When you're ready to lease the commercial property you've been looking for to launch your business, it's important that you know exactly what you're getting into. With so many specific legal stipulations in a commercial lease, the process can be confusing. That's why you should work with a commercial real estate lawyer to be sure that you know what you're getting. Here are a few of the ways that a commercial real estate attorney can help you.
Negotiating Property Improvement
Some commercial property leases allow for physical improvements and changes to the property. In many cases, though, the clause restricts you to using a contractor chosen by your landlord for all work. This can sometimes cause confusion among the contractors and your leaseholder about who is actually calling the shots in terms of renovation details.
When you retain a commercial real estate lawyer, he or she can negotiate the details of the renovations that you need and have everything put into a work letter. The letter is attached to the lease when it's returned to the landlord and it details all of the work that's required as well as stipulating that all work must be approved by you throughout the process. This helps clarify things along the way.
Shortening Lease Periods
Most commercial leases are written for several years at a time. For new or start-up businesses, this long-term commitment can be intimidating. After all, you have no way to know what business will be doing in the next couple of years. If you want to negotiate a shorter lease term, a commercial real estate attorney can do that. They have the legal expertise to be able to justify the change and to write up a renewal option that won't leave you bound to years that you can't afford.
Most commercial real estate attorneys will negotiate renewals that are dependent on specific performance targets. That way, you can allow your company's actual performance to determine whether or not you're growing fast enough to stay in that space at the end of the initial lease term.
Most commercial real estate attorneys offer many different services that can help you secure that first commercial lease. If you're looking for help to analyze the property's past tenant performance or the foot traffic assessments, a commercial real estate attorney is a great resource. Before you sign a lease that you don't understand or lock into a lease without all of the relevant information, reach out to an attorney to help you sort things out.
Hello, I’m Dannie. When I was in the process of selling my home, I took a close look at real estate documents online. The documents seemed legitimate, but I did not want to end up making a critical mistake in this process. I decided to protect myself by working with a real estate attorney to draft my own sales documents. The attorney produced the paperwork as requested and helped me navigate the sales process. I hope to use this site to talk about document preparation and other services provided by real estate attorneys. Feel free to follow along to learn all you can about this topic.