Many people choose to lease commercial real estate. This is a great choice if you own your own business and need an office space, but
1. Commercial Real Estate Contracts Are Binding
One thing that many people do not realize is that commercial real estate contracts are much more serious than a residential contract. For example, if you rent an apartment to live in and you decide to move early, you might just lose your deposit and have to pay an extra month of rent. However, commercial real estate is much more serious. If you sign a 3-year contract and you cannot fulfill the terms of that contract, you might be liable for every single month of payment, even if you aren't using it anymore.
This is why it is vital that before you sign any contracts that you talk to a real estate attorney first. An attorney will be sure to explain everything so that before you sign you understand the terms.
2. The Length of Commercial Leases Vary
The length of a commercial lease will vary depending on the contract that you choose. Unlike a residential agreement, there is not a standard amount of time that each contract will have. For example, you will not just sign a year at a time. Instead, you will talk to the landlord and the two of you will negotiate how long the contract will be.
During these negotiations, you should have a lawyer present. It will only serve to protect you.
3. Anything You Do To Change The Property Will Belong To The Landlord
When you lease an office or a store space you might make some changes to the space that are costly. Recognize that since you do not own the space, it is likely that everything that you do to improve the office will have to stay when you leave. You will not be reimbursed for the money that you put into improving the area. Thus, be realistic about how much money you will put into the space.
These are just a couple things you need to know about renting commercial real estate. To find out more, contact someone like Brandt Law Group.
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