Why Should I Speak to a Lawyer When Negotiating a New Business Lease?
Negotiating a new business lease can be difficult. From your point of view, you need to try and get the best deal possible by signing a favourable lease. However, the lessor will also be trying to get the best deal possible, by charging higher rent and making you sign a longer lease.
Commercial lease negotiations can become complicated if you’re not sure what you’re doing. It is therefore usually a good idea to employ a commercial lawyer to help you negotiate your lease. They will be able to read through any legal documents before you sign them, making sure that you haven’t overlooked anything that you’re going to regret in the future.
Here’s a few of the other ways a commercial lawyer can help you negotiate the best business lease possible:
They Will Be Able To Help You Work Out Fit-Out Costs
If you’re leasing an effectively empty building for your new business then you will need to fit it out somehow. Your lawyer will be able to facilitate discussions about this between you and the lessor, making sure that you get a favourable deal.
To begin with, it’s important to make sure that you’re actually going to be able to modify the premises to fit your business needs. Make sure that you get written permission for any modifications in your lease document before you sign it so that you’re protected in the future.
They Will Be Able To Help Negotiate A Term
In some cases, experienced lessors and real estate agents can try to take advantage of inexperienced business owners by negotiating an unfavourable lease. Will often push for unrealistically long leases, which you shouldn’t be pressured into signing.
Instead, speak with your commercial lawyer and ask them to help you negotiate an appropriate term for your lease. You need to get a lease that gives you some sort of security in the short term at least. However, you don’t want to sign a lease that’s so long that you will run the risk of outgrowing your premises.
They Will Help Negotiate Exit Conditions
When you finish a lease and leave your premises you will have some responsibilities. In some cases, you might be required to return your premises to their original condition. In others, you will have to do things like recarpet and repaint to prepare the premises for the next tenant.
A decent commercial lawyer will be able to help you negotiate favourable exit conditions that won’t result in you spending a fortune when your lease ends. It’s worth thinking about your future, even if it doesn’t seem too important at the moment.
Negotiating a commercial lease can be difficult, especially if you’re dealing with an experienced real estate agent or lessor. However, a decent commercial lawyer can help you negotiate a favourable lease, preventing you from paying too much or signing something that’s going to hurt you in the future.
Speak to your local law firm to find out more about the ways a commercial lawyer can help you negotiate a new business lease.