The time is right, the time is now. Your company has achieved success due to your team of smart, dedicated and innovative employees. Your start-up incubator space has fulfilled its mission. The company has outgrown that current office space and is ready to move into a more fitting location.
During your mission to secure a commercial lease, you inspect a number of potential locations. Some are too small, others need extensive work, while still others are not in the most desirable locations. However, a crucial aspect of your mission remains the lease. Often, the decision to relocate to a specific building comes down to the lease. Is it favorable to you? Or would it be detrimental and handcuff the company?
Understand every aspect of this legal contract
You are in the driver’s seat when it comes to negotiating a commercial lease, and you want to ensure that landlords will not take advantage of you. Leases represent legal contracts and must receive extreme scrutiny from all parties involved.
Before signing a lease, make sure to understand every detail. Decide right away whether you will pay for matters such as property taxes, insurance, utilities, repairs and landscaping. Here are some of the crucial aspects to focus on when considering a commercial lease:
- A lease agreement must comply with municipal, state and federal guidelines.
- Confirm that the lease agreement is up to date. On occasion, some business owners are met with the unpleasant surprise of discovering that extensive repairs were made to the property. However, the landlord neglected to include that information in the lease.
- Do not overlook zoning matters as to how the property can be used. Does the location meet the zoning requirements of your company?
- Obtain a list of building improvements the landlord will complete before your business relocates into the space.
- Make sure to understand the length of the lease. Start-up business owners typically seek short-term leases.
Your company has come this far with newly achieved success due to dedication and hard work. Let the momentum continue by making sure to obtain a favorable lease. Carefully study a lease before agreeing to one, and consider working with a knowledgeable attorney for crucial insight.