Are you looking to lease a commercial property? While the process of leasing a commercial property is often straightforward, there could be some underlying details you can miss if you do not have a quality lawyer by your side. Lawyers cannot negotiate the rent of a commercial lease, but they can help adjust the other terms of a lease. Having a lawyer present when you sign a commercial lease agreement can boost your chances of securing the best deal for your dollar.
Many individuals do not like to entertain the thought of hiring a lawyer to assist them in what should be a smooth and quick lease negotiation process. Also, hiring a skilled lawyer could break your checkbook if you want to negotiate a fair lease with the presence of a legal professional. Nonetheless, there are a variety of ways in which a lawyer can help with your commercial lease negotiation, and these ways include:
Commercial Leases Benefit The Landlord
Commercial leases are usually composed by the landlord or their attorney. Due to this technicality, the terms of the lease will almost always favor the landlord. Most eager individuals would rather sign a lease agreement right away than scan the agreement for any potential issues and pitfalls. An experienced real estate disputes attorney in Coeur d’Alene can easily identify potential issues in lease provisions and decide which terms should be modified for the best interests and benefit of the tenant.
Many Lease Agreements Aren’t Accurate
In order to save time, many landlords will use prior lease agreements to draft a new lease for your situation and will not change the vital information to reflect the terms that you and the landlord have agreed upon. These errors can be disastrous to the relationship between the tenant and the lawyer for many obvious reasons. Mainly, if the terms of your lease have been copied directly from a previous provision, you are legally obligated to operate within the confines of an unsuitable agreement. A quality attorney can look over a lease agreement and inform you if the agreement does not correlate with the standards that you and your landlord have laid out.
A Personal Guaranty Could Be Buried In The Lease
In the broadest sense, a personal guaranty removes the safeguard of your personal assets from the liabilities of your company listed in the lease. Basically, a personal guaranty offers access to your personal assets. Often times, these clauses are buried beneath a lease agreement and can skip past the eye of an unsuspecting tenant. With the help of an experienced attorney, you will be able to identify the basis of a personal guaranty in your lease agreement. Your lawyer will also help you eliminate this clause or reduce your liability. If this cannot be done in negotiation, a quality lawyer will give you the best legal advice on how to protect yourself from this provision.
All in all, commercial lease negotiations are much more than a simple dialogue between a tenant and a landlord. These agreements establish the fundamentals of that partnership while preventing future business disputes. If you believe that you are at a disadvantage during a negotiation, it’s ideal to request the assistance of a lawyer to make smooth the process of agreeing to a commercial lease.