It's not easy to find a commercial space that is suitable for the needs of your Pennsylvania business. When do to find a place to lease that works for your company and fits your budget, you may feel tempted to go ahead and sign on the dotted line as soon as possible. It is smartest, however, to take your time and make sure that your commercial lease is not exposing you to any potential risks in the future.
The terms of your commercial lease are important. What is in this agreement will affect your business for years to come, and you will want to be sure that the terms are reasonable, sustainable and fair. Commercial leases are negotiable, and you will want to take the time to review the terms already in the agreement and work with the landlord to include other conditions and terms as needed.
Terms to consider
Every business is different, and the lease you sign should suit the needs, goals and financial capabilities of your company. There is no one-size-fits-all commercial lease agreement, and it's beneficial for you as a business owner to consider how you can make sure you are not exposing yourself to unexpected costs and the potential for legal disputes in the future. Some of the terms you may want to include in your commercial lease include:
- Cost of the rent, when and if rent will increase in the future, and penalties for late payment
- Extra expenses, such as utilities
- Which party is responsible for building repairs and remodeling
- The length of the lease, options for renewal, penalties for early termination, ability to sublease the space
- Explanation of the building's zoning classification and what that means for your business or plans for the building
The above examples are only a few things that may help you protect the interests of your business. It may help to discuss your lease with an experienced real estate attorney who can explain the specific things you may need to ensure your full protection and security.
Make sure your company interests are secure
If you are looking for a space for your company or you would like to know more about how you can negotiate a commercial lease, you may want to start by seeking the assistance of a legal advocate from the earliest stages of this process. Having help will ensure that you are signing a contract that is mutually beneficial to both parties and allows for the security of your company for years to come.