Think you are ready to sign your lease? STOP and make sure you take a few important steps before finalizing the deal!
Step 1: Read and Understand Your Lease
Be sure you take the time to read every word of your commercial lease. If there is a term in the lease that you do not understand, ask for a lawyer or a knowledgeable and disinterested party to clarify it for you. Do not rely on a landlord or listing agent to explain the lease to you, because they could be misleading you intentionally, or might not fully understand the content of the lease themselves.
Step 2: Perform a Walk-Through
Do a “walk-through” of the property before you officially lease it. You will want to note anything that is wrong that the landlord should upgrade or repair, taking photographs of any existing damage so that you will not be accused of causing it and have to pay at the end of your lease.
Step 3: Make Sure Repairs are Done Before Move-In
If any work does need to be done on the property, make sure the landlord gets it done before you sign the lease. If work has to be done after you move in, make sure the lease details the completion times for this work. Otherwise, you have only promises from the landlord and could potentially find yourself unable to use the space for weeks at a time because of construction.
Step 4: Make a Checklist
Make a checklist of the information you absolutely want to see in a lease and make certain that it is included. Check back for another post with suggestions for what should be on this checklist!
Following these basic steps could save your company money and hassle in the long run!