Sometimes dealing with problems with your landlord during your commercial real estate lease is something you can think about beginning of the lease. Here are a few steps to help you avoid problems during your tenancy, as suggested in the article “6 Steps to Avoid Issues in Your Commercial Lease”:
- Clarify the terms. Before you instruct the lawyer to prepare the lease, make sure that the terms are drawn up in a heads of agreement to be signed by both parties. This can help avoid arguments over the actual commercial terms during the execution of the lease and the duration of the term.
- Utilize professionals. It is important to make sure that a lawyer is the one who prepares the lease, particularly one with experience in commercial real estate who can help facilitate the deal smoothly. In addition, an experienced property manager can also be an asset in making sure that a property is maintained properly throughout the lease.
- Take care of approvals. If you as a tenant are doing any building or improvements, make sure you get the necessary approvals in order before starting – for example, dealing with local councils. Dealing with any regulations beforehand can help avoid problems down the line.
- Understand your obligations. Make sure that your lawyer clearly points out your obligations as a tenant, and then communicate clearly with your landlord during the early stages of your lease in order to take care of any duties – for example, the approvals suggested in number three.
- Inspections. Inspect the property carefully before the lease begins and note the condition of the space. This will make things easier for both the tenant and landlord at the end of the lease. If possible, take photos to document the condition of the space.
If you’re beginning the negotiation process for your lease, keep these steps in mind to ensure that your tenancy runs smoothly and you maintain a good relationship with your landlord. Dotting your i’s and crossing your t’s early on can help prevent potential problems from even arising in the first place. The key is to make sure that all aspects of the lease are clear and the lines of communication stay open.