Real estate is expensive in Florida, and it's not always easy to find a location for your business that is affordable and suitable for your needs. Once you find a place, it may be tempting to move forward as quickly as possible so that you can get in the place promptly, but that may not be the best choice. It is smart to be careful and cautious when drafting and signing a commercial lease contract.
Like other types of business contracts, a commercial lease is an agreement that will bind your business to certain terms for a specific period of time. If the lease is unfair or not detailed enough, you could find yourself in a difficult situation that actually begins to affect your company operations. There are certain factors that you will want to include in your lease in order to protect your immediate and long-term needs.
Lease details matter
It may surprise you how much the details of your lease can affect you. Commercial leases are typically negotiable, and you will want to work with the landlord to ensure that the necessary details are in the contract. This will prevent issues and minimize risk for both parties. Some of the things you may want to include in your lease are:
- Which party will be responsible for any repair to the space, and which party will pay if there is remodeling
- The rent amount, when you will pay each month, details of rent increases and penalties for late payments
- Specifics regarding who will pay utilities and how much they will be each month
- How property taxes will work, which party is responsible for repairs and maintenance
- What happens if there is early termination of the lease or if the renter wants to sublease the space
Like many types of contracts, you can work to custom-tailor a commercial lease to suit the needs of your individual company. Before you sign, a thorough review will help you understand if you are agreeing to unfair terms or need to add additional details.
Your company needs
There is a lot on the line for your company when leasing commercial space. You will find it beneficial to work with an experienced real estate attorney who can review the contract and negotiate terms on your behalf. When your business interests are at stake, it can be invaluable to have the right help on your side.