Commercial Lease Agreement Attorney Alexandria VA
For nearly all entrepreneurs, signing a commercial lease agreement appears like renting an apartment-a lessee agrees to pay a certain fee to the agent per month. Nothing could be far from the truth.
The first lease that nearly all the entrepreneurs sign is usually short term—because who can tell that the business is going to work. If it doesn’t work and starts growing –you need a new spot—either for a better location, better facility, or more substantial space.
The second lease you sign is often pivotal in the survival of your business. The terms of your lease can act as a slow leak in your tires or can leave the door open to incur colossal expense when the unexpected happens.
Of the many decisions involved in finding new commercial space,- choosing the most appropriate commercial agreement is among the most important but often easy to overlook.
Therefore, let`s start from the basis.
What are Leases?
Leases are a legal contract between the landlord and a business for the rental of properties. Plenty of businesses will choose to rent property instead of buying because it is budget-friendly.
But don’t get fooled, commercial lease agreement are more complicated and demands an in-depth scrutinizing before you can even consider putting a pen on it for signing.
Entrepreneurs probably sign more Modified Gross Leases than any other. But there are some of the things you must watch out to help you avoid becoming another one of the countless businesses lost to the unforeseen issues related to commercial real estate.
And there is one mistake that nearly all entrepreneurs make:
Virtually everyone does not verify the space he is renting. You could be vastly overpaying. It is only essential to take note of some critical terms in the lease agreement.
Terms to Pay Close Attention to Before Signing a Commercial Lease Agreement
Before putting a pen on a commercial lease, take note of the tent amount. A landlord will calculate the rent amount by measuring the square footage of space. Take note of the footage your landlord uses. Does his footage entail elevators and the interior walls?
Besides, check on a breakdown of all the landlord fees—rent, percentage rent, management, CAM, management, admin, insurance, and advertising.
The lease should verify the amount of the security deposit and the terms regarding its return.
The commercial lease agreement should address what improvements or modification that the landlord can make to the property, and which party will pay for the improvement.
Why You Should Discuss a Commercial Lease Agreement with a Lawyer
It is easier for you to miss one or several legal formalities in a lease that could make all the difference later. It is vital to reach out to an experienced property lawyer before signing a lease for your business. They can help you understand all the provisions.