Before Signing That Commercial Lease – Have You Reviewed it with Counsel?

Monday, October 15 2018 20:31 Written by  Stephanie M. Shortall

As a business owner, after spending countless hours researching and visiting commercial space, and finally finding the right location, you are often presented with a lengthy commercial lease.  Many will focus on the rent and term of the lease, but overlook the other details.  It is important to have an attorney review any commercial lease, whether you are entering a new lease or renewing an existing lease.  Far too often, the business owner only consults an attorney when a problem arises – and they are surprised to find out that the terms do not mean what they thought at the outset.  

Key areas that the business owner should review with their attorney are:  
•    Common area maintenance costs and calculations
•    Confessions of judgment
•    Responsibility for repairs
•    Insurance requirements
•    Subletting and assignment
•    Legal options in the case of a breach.  

Often there is room for negotiation, but even if there is not, you can gain valuable knowledge by consulting with an attorney so that you have a full understanding of your rights and obligations, and can plan accordingly.

While consulting with an attorney may result in a modest increase to the amount of legal fees associated with the cost of starting up a business, it is important for small business owners to recognize the long term impact of signing a lease that has not been negotiated, or at least reviewed, by an attorney, and may save money in the long run.

Last modified on Monday, October 15 2018 20:46
Stephanie M. Shortall

Stephanie M. Shortall

Throughout her career, Stephanie has developed a practice focused on advising closely held businesses on the full range of issues faced in today’s legal landscape. She also works with individuals to develop estate plans and administer estates of varying sizes and complexity. Strategic, practical and responsive legal service is central to Stephanie’s approach to her clients and practice.

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