Why a Real Estate Attorney Should Review Your Lease
Before you sign a commercial lease, you need to have your lease reviewed by a King of Prussia commercial real estate attorney. Your lease is a legally binding contract and you need to ensure that the lease is sufficiently protective of your rights.
Both landlords and tenants can benefit from having legal help when negotiating the terms of a lease agreement and when evaluating the final agreement.
Curley & Rothman, LLC understands the ins-and-outs of commercial real estate transactions and we can provide the comprehensive assistance you need to get a lease that makes sense for you. Give us a call today to learn more.
Why Have a Lease Reviewed by A King of Prussia Commercial Real Estate Attorney
When you enter into a commercial lease as either a landlord or a tenant, the lease often lasts for a term of a year or more. There may be substantial amounts of money at stake. The terms of the lease can affect whether the building rental is profitable for you as a landlord and can affect whether or not the space actually works for your business interests as a renter.
You do not want to sign a lease which is not sufficiently protective of your interests. You need to know what the lease obliges you to, and you need to make certain that you can comfortably abide by the lease terms while still making a profit as a landlord or for your business. The best way to do this is to have an experienced commercial real estate attorney negotiate the terms of the lease for you and review the contract so you understand exactly what you are agreeing to.
The lease often has fine print and uses legal language which may have a specific meaning within the context of real estate law. For example, the Realtors' Commercial Alliance provides a glossary of some of the common terms which you may find within your lease. You need to know what is in the fine print and what these terms of art mean so there are no surprises once you have signed the lease. Your lawyer will carefully review the agreement and will assist you in ensuring that signing is in your best interests.
Negotiating the Terms of a Commercial Lease Agreement
There are many different types of clauses which can be included in a commercial lease agreement. You will need to address issues including:
- The term of the lease: Both landlords and tenants need to know how long the tenant must pay rent and how long the landlord must rent the space to the tenant.
- The option to renew: Businesses may want to ensure they have an option to renew the lease under reasonable terms so they are not forced to relocate their business.
- The rental amount due: It is important for landlords and tenants to know what will be paid.
- An agreement on who pays for utilities and taxes: In some leases, landlords pay these costs. In others, tenants will pay them.
- An agreement on who is responsible for repairs: Does the landlord have to make repairs or are tenants responsible?
- Details on what remodeling tenants are permitted to do. Sometimes, businesses need to remodel a space to work for their needs.
- Limits on who landlords can rent to: Lease terms sometimes limit a landlord's ability to rent to competitors of businesses.
These are just a few of many different types of clauses which you may wish to have included in your commercial lease. Landlords and tenants should each have their own commercial real estate attorney who advises them about their rights, who negotiates on their behalf, and who carefully reviews the lease contract to ensure they are agreeing to a fair deal. The sooner an attorney is involved in the process, the more likely it is that a favorable deal can be reached.
Getting Help from a King of Prussia Commercial Real Estate Attorney
A commercial lease can impose legal obligations on landlords and tenants which last for a long time. The lease terms can affect your business and your profitability and you need to make sure that the terms are reasonably beneficial to you and are reasonably protective of your interests.
To learn more about how a King of Prussia commercial real estate lawyer can assist you with negotiating a lease, drafting a lease, and understanding lease terms, contact Curley & Rothman, LLC today. You can give us a call at 610-834-8819 or contact us online to learn how we can help you.