It is important to review all of your lease before signing it, possibly even with the help of a broker or attorney, but here are a few provisions in particular to read carefully, as suggested in the article “Real Estate—Commercial Leasing”:
- Basic/Net Rental Rates. Make sure that the basic or net rent that was listed in the lease matches up to listings of the rent in other official documents, such as the confidential information memorandum (CIM), rent roll, and any other income documentation that you need to serve as a record of the value of the space. You will want to be on the lookout for any discrepancies, including in the date listed and any information on rent increases.
- Compare Rent to Actual Payments. Make sure that the rental rate listed for a space matches up with what tenants actually pay. Legally, a landlord might not be able to enforce a higher rental rate if they have regularly accepted lower payments from tenants or made an oral agreement to reduce rental costs.
- Area. This is another item to check against what is on record in income documentation. You can also ask the landlord if they have area certificates to double check that both the space listed and the measurement standard match up with what is on the lease.
Do all of the research you can to make sure that your rental rate and the amount of space you are renting are correctly listed on your lease.