If you’re starting or expanding a business, you may need to sign a commercial lease agreement for your business location. Typically, these documents are more complex than residential leases, so it’s wise to consult a lawyer. Here’s how you’ll benefit from hiring a real estate attorney.

3 Reasons to Ask a Lawyer to Evaluate Your Commercial Lease

1. Protect Your Long-Term Interests

While residential leases may last for a year or two, commercial leases often last five, 10, or even 20 years. Your lawyer will ensure the wording protects your interests and gives your business the flexibility it needs far into the future. Wording that permits you to sublease all or part of your space helps protect you from claims of contract breach if you decide to change your business location or revamp your business model. Features including a limit on the number of rent increases during the lease or shorter lease periods with options to renew help you maintain financial flexibility.   

2. Negotiate Terms Strategically

Business lawyers will identify which lease provisions should be negotiated to get you the best deal. Rent amounts and scheduled increases, tax and utility payments, time to cure defaults, and early termination penalties are among the negotiable items.

3. Establish or Improve Your Business Credibility

Telling your prospective landlord that a lawyer will review the contract establishes your business savvy and will help you earn their respect. The landlord will be less likely to try anything funny in the future and will fix any questionable points in the agreement. Lawyers will look for an exclusivity clause, which prevents your landlord from renting other space in the building to businesses that compete against you. Inserting the clause and defining who your competitors are, will keep your landlord from benefiting from a rental at your expense. Additionally, specifying the bank in which your security deposit is placed and that you will receive the interest on the payment keeps a shady landlord from reaping the profits you deserve.        

When you need an attorney to review a commercial lease, contact The Finkelstein Law Firm, PLLC. For more than 20 years, their lawyers have provided wise counsel and quality legal services to Orange County, NY, business owners and residents. Learn more about the firm online, or call (845) 294-9003 to schedule a consultation.