Your business aspirations may have started at the kitchen table or were developed in the back bedroom of your home, but you're growing. Now, it's time to sign your first commercial lease.
While this is an exciting time -- and you're no doubt eager to move forward -- it's still wise to hire an attorney to review any commercial lease you're thinking of signing before you make a mistake.
Here's why an attorney can be useful:
- You may not understand which clauses are negotiable. Unlike residential real estate, there's really no such thing as a "standard" commercial lease. Exactly what you can negotiate -- and how far you can push for better terms -- isn't something easy to understand if you're new to the game.
- You may not recognize hidden costs without an attorney's help. Your unfamiliarity with a commercial lease could cause you to overlook things like an expensive maintenance and repairs clause or a vague common area maintenance fee clause that could negatively affect your bottom line.
- Long-term leases can be especially tricky. Your business needs may change rapidly -- even after you start renting -- so you don't want to get into a long-term deal that could leave you in a financial nightmare.
- You could be at a major disadvantage. If your prospective landlord has an attorney, it's wise to assume that they expect you to negotiate -- and they're pros at making sure that their interests are protected. You don't want to leave yourself vulnerable to a raw deal because you didn't have experienced legal assistance.
Don't let a more-experienced landlord take advantage of your inexperience with a commercial lease. Find out how our office can assist you and look after your business interests.