As a business owner, you likely have a number of issues to take into consideration, from employment law to competition and taxes. However, it is crucial to handle real estate matters with care. For example, if you currently rent commercial property or you are seeking to expand your business and open up a new location by leasing space, you need to pore over various topics.
Make sure you address any areas of concern, find answers to questions you have, thoroughly understand the terms of the lease and protect your interests.
The duration of a commercial lease and paying rent
According to the Florida Senate, some commercial tenants pay rent on an annual basis, while others make payments each month or even every week. If either party decides to terminate the lease, they must inform the other party within a certain timeframe. For example, if you pay rent every year, you must provide three months’ notice.
Often, the duration of a commercial lease is much longer than residential leases. Some commercial tenants sign a lease for two to three years, while others sign a lease that will last for five or six years. It is vital to think about the future when determining the ideal lease duration.
Negotiation and other aspects of commercial leases
If you worry about certain facets of the commercial lease, you could benefit from negotiating with the other party. Raise any concerns you have and carefully go over all aspects of the lease, from rent, security deposits and maintenance to damage, subletting, parking spaces and any other issues covered in the lease.