Georgia business owners may find it challenging to locate commercial real estate that suits the unique needs of their companies. Upon finding an appropriate space, there may be a sense of urgency to move forward with the lease as fast as possible. This is especially true in a competitive market, but it is not always the most prudent course of action for a small business.
Before signing a lease, you will want to make sure you are not exposing yourself to any unnecessary risks. Negotiating the terms of a commercial lease instead of signing a generic contract will lessen the chance of unexpected expenses and complications that could cost you time and money. There is no one-size-fits-all contract that is detailed and fair.
Down to the details
A commercial lease should be thorough, addressing all issues that could affect your use of the space, legal risks and your financial obligations. The details in your lease agreement should be suitable for your business and your objectives. Some of the things that need to be in any lease agreement include:
- Rent – It should be clear in a lease the exact amount the tenant will pay each month as well as any potential future increases in the amount. It should also detail what rent includes, such as utilities, insurance and more.
- Improvements – You may need to make changes to the space, and a lease should outline which party is responsible for these updates and improvements. It should also detail which party is financially responsible for them.
- Length of the lease – The lease should detail how long the lease is valid as well as details regarding subleasing, penalties for terminating the lease early and much more.
When negotiating the terms of your commercial lease, you can pursue terms that may be specific and unique to the needs of your business. Before you sign anything, you may want to have a legal professional review the contract.
Help with commercial real estate transactions
Leasing commercial real estate is an important step for a small business, but it is essential that in your haste to move forward you do not sign an unfair contract or expose your company to unnecessary risk. By working with an attorney experienced in real estate law, you will have effective guidance as you negotiate the terms of your lease.