What You Should Know about Commercial Leases
Before you rent a commercial property, you should be aware of the responsibility and the risks that go
into it. Before making a final decision on a commercial lease, it’s always a good idea to get the opinion of a Fort Lauderdale commercial real estate lawyer no matter how certain that you are about the location.
There are too many details of a commercial lease that can be easily overlooked, even by the most experienced business owners. Below are some basic details to know about commercial leases that can help you narrow down the available options.
Commercial leases have fewer legal protections
You should know that commercial leases have fewer legal protections than residential leases because they are not subject to the same consumer protection laws. The laws in place are intended to protect tenants from bad residential leases and landlords, while businesses are often left to fight bad commercial leases largely on their own.
For example, there are no caps on security deposits for commercial leases. There is also less protection against deceitful landlord practices, because the assumption is that businesses are wiser than consumers.
This makes it even more important to have your lease reviewed by a commercial real estate lawyer to catch any potential issues, because you have fewer legal remedies available if something goes wrong after the lease is signed.
Commercial leases are subject to more negotiation
Residential leases will have terms that are often negotiated, but this type of negotiation is usually handled directly between the landlord and the tenant because of their relative simplicity. Commercial leases on the other hand will often have dozens of terms that need to be negotiated such as maintenance responsibilities, the length of the lease, improvements and renovations, rent increases, subleases and more.
Acquiring the help of an experienced Fort Lauderdale commercial real estate lawyer is always useful for negotiating a commercial lease, as it is essential for the business owner to get every term that they need into the agreement.
The tenant needs to consider whether or not the lease will work for their business
The prospective tenant must thoroughly evaluate the location and lease to ensure that it will work for their particular business. Any modifications that need to be made to the space, such as adding offices or cubicles, upgrading the wiring for better computer networking, improving the lighting, or other production requirements should be negotiated in the contract.
The tenant must ensure that these modifications will be taken care of by someone, and that the location is properly zoned and licensed for the intended use. Commercial leases can be complex, but with the help of a knowledgeable Fort Lauderdale commercial real estate attorney you can help to guarantee that the space will work well for your intended use.
Mark Schecter at Schecter Law can meet with you to answer any questions that you may have about a commercial lease that you are considering. For a consultation, contact Mark Schecter by calling 954-779- 7009.