Commercial leases are everyday real estate transactions and are different from residential leases. They are more complex and can pose significant financial risks to the tenant in case of pitfalls. The main reason is that you rent a commercial space for business purposes. However, all businesses are different, and you may want to use your rented space for various purposes. These leases are complex, and it’s advisable to hire a skilled lawyer to review the contract.
How can I get the best real estate attorney?
Technology makes it easier to locate the right legal expertise online. Nowadays, you can get different law firms online, and choosing the right attorney shouldn’t be a bother. Conduct an online search and will bump into many real estate attorneys from the Mb Law firm.
Check the services offered and search for reviews from former clients. Choose one with multiple positive reviews, and schedule a meeting to gauge their level of expertise. Also, seek recommendations from loved ones and colleagues.
Why should I hire an attorney to review my commercial lease?
- Contract accuracy
A lease agreement stipulates all the critical aspects of the contacts. Before drafting the document, the landlord and the tenant agree on certain issues such as lease duration, monthly rent, security deposit, square footage being rented, upfront rent amount, and more. As the tenant, you expect all the information to reflect in the lease agreement without omissions.
However, reviewing this can be tricky without the expertise of an attorney. You should engage a legal expert to ensure that all the lease details are documented as agreed. Besides, you’ll need the agreement in case of landlord-tenant disputes later on.
- Use of rented space
Most tenants don’t go through all the clauses regarding the use of the rented space. However, the lease agreement will stipulate the type of activities allowed. The information may be limited or narrow, which can bring about disputes with the landlord.
For instance, if opening a restaurant, you may not be allowed to sell other items in your store. And this can limit you in case you want to expand your business. In this case, a real estate lawyer will help interpret all the clauses and explain their legal implications.
Lastly, remember to insist on an exclusive clause that will deter other tenants from opening the same type of business in the same building.
- Tenant fees
With commercial leases, you’re required to cater to expenses like security, parking lot maintenance, lighting, and more. The cost depends on the number of tenants in the building but can be expensive. If most tenants vacate, the few remaining tenants will be forced to share the costs, which can be burdening.
It’s advisable to request that your common area maintenance fees be calculated per the rented square footage. The attorney can help you to make amendments to the agreement where necessary.
The bottom line
The role of a real estate attorney in real estate transactions can’t be overemphasized. The professional plays a vital role in upholding tenants’ rights in commercial lease agreements. The lawyer will help you understand the terms and conditions of your lease agreement. However, it’s best to hire an experienced lawyer with vast knowledge handling commercial lease agreements.