A commercial lease is one of the most important contracts for any business. If you are a tenant, the lease will undoubtedly be one of your biggest fixed costs. On the other hand, if you are a landlord, it will be one of your major sources of income.
That is to say; it doesn’t matter which side of the agreement you are on, it’s essential to get the lease right from the get go. Having a lawyer will help a great deal with that.
By definition, a commercial lease is a legal contract between a landlord (also known as leaser) and a business tenant (lessee). The contract gives the tenant the right to use the property in question for business purposes over a stipulated period. In return, the tenant pays the landlord an agreed amount of money for using the property.
Among other things, the lease will state the rights and responsibilities of each party. For instance, it may contain details on rent payable, when the rent is due, length of the lease, provisions for renewal, improvements to be made, terms for subletting or assigning, security deposit and who should handle repairs among many other things.
If you are a tenant, you want a lease that will protect you from unnecessary eviction, exorbitant rates, and hikes in rent. You also want it to allow you to customize the property according to your business needs. If you are a landlord, the lease will not only guarantee your timely payments, but it will also protect your property from damage. It gives you room to specify the consequences that the tenant will face if they fail to follow the set laws of tenancy.
Like all other agreements, a lease is negotiable. To get the best terms, it is recommended to involve a good commercial lease lawyer while handling the negotiations.
Why You Need an Attorney to Negotiate Your Commercial Lease
Having a commercial lease attorney comes with numerous benefits, some short-term and others long term. The most immediate is that your commercial lease lawyer will help you understand the provisions of the lease.
As is the case with all other legal contracts, a lease can be with so much legal jargon that may make it difficult understand. Misinterpreting just one term can have detrimental effects on your business financially and otherwise. That goes for both landlords and tenants. The presence of a lawyer helps you avoid all that.
Additionally, your commercial lease attorney will provide objectivity during the negotiations. It is not unusual for a landlord or tenant to compromise more than they should just to get the deal done sooner. That might end up locking you in an unfavorable contract for a long time. In that situation, it is your business that will suffer.
- Favorable and flexible lease terms.
- You will avoid litigation caused by a misunderstanding and/or lack of due diligence.
- In case of legal action, you will have a lawyer who is well aware of the provisions and conditions of the lease agreement.
- You can leave the lease negotiations to the attorney and focus on other core business activities.
Commercial Lease Services at Versant Law
At Versant Law, we offer comprehensive legal services in commercial leasing. Our attorneys have extensive knowledge and experience representing tenants and landlords alike.
When you work with us, we will handle every legal aspect of the lease, ranging from expressing intent, documentation, negotiation, guaranties, financing, and third party approvals.
Our services cover retail, industrial, and all other commercial leases. Contact us today, and we will help you secure the best lease agreement for your business or property.