Read (and Reread) your Commercial Lease!

By October 25, 2022 Tenants

As a business owner, you know that renting commercial space is a big investment. It’s important to read your lease agreement carefully and understand the terms and conditions before signing. Don’t let fear of losing the space pressure you to sign a contract you don’t fully comprehend. In this case, ignorance is not bliss.

Ask for input from trusted colleagues or a legal advisor. By being proactive and understanding your rights and obligations under the lease agreement, you can minimize potential problems.

Be sure to:

1. Understand all terms used in the lease. You must know what is expected of you and your landlord.

2. Get everything in writing. Ensure you and your landlord have a copy of the lease and other documentation related to the space.

3. Pay attention to the dates. Do you know when your lease will renew? Be aware of any required notice that must be provided if you plan on moving.

4. Follow the rules. Refrain from assuming that the rules outlined in the lease might not apply to you or your business. Commercial landlords will not and cannot choose which tenants need to follow the rules. You could face eviction if you break any of the terms of your lease.

5. Keep records. Maintain organized and up-to-date records of payments, repairs, and other important information related to your lease.

Leases are an essential part of renting commercial space, and you must understand the terms before signing. Make sure you know what is expected of you, get everything in writing, pay attention to the dates, and follow the rules. Doing so can avoid any misunderstandings or problems down the road. If you have any questions about leases or want advice on finding the perfect commercial space for your business, don’t hesitate to call the experts at Bluewater Properties. We’d be happy to help!

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