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Top Things to Consider In Commercial Lease Negotiations While it may be a stretch to anyone’s budget, there’s no denying that hiring legal experts or business professionals during the negotiation process for a commercial lease is the best and most proven way of getting the most favorable terms. First things first, the decisions you make in terms of choosing a commercial space to lease is never as simple as that of the one you make when renting a house, property, or apartment, since it involves your business and the possibility of it making money or becoming stagnant. But if you insist on negotiating the commercial lease on your own, then you might as well continue reading this article to get some important tips, all for the purpose of making sure that everything in the documents you’re about to sign favors you and your business. First, scrutinize the length of the lease as written in the proposed contract. The fact is there are three crucial steps you need to take in this juncture, including that of searching for the right location, completing the rental application, and then applying for the real estate lease. Once those are done with, you expect to receive the documents for your lease. For small-sized business, it makes sense to stick to one or a couple of years with an option for renewal.
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The moment you’re done weighing over your length of the lease options, it’s time to think about the price. Although it will require a lot of time and effort, you definitely are going to explore your options in order to get a fair price. Keep in mind that there’s no way for you to be successful in the negotiating table if you haven’t done enough research on other possible commercial spaces to rent. Likewise, do not ever forget to talk about renewal and if the owner will throw in a provision on rent increases. The purpose of this is for you to be prepared enough and not be surprised should there be some kind of rent increase you didn’t know while moving forward.
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Lastly, be wary of the possible hidden costs that will catch you offguard. You should know that commercial leases can either be a gross lease or a net lease. The former includes all the costs in the entire lease. The latter meanwhile literally means that aside from the rent, you are to expect additional costs. Although you might find it outrageous and deceiving, a net lease is actually a very common practice in many commercial leases today. For the most part, the costs that are not included in the negotiations are those related to the maintenance of the commercial property or space. Even though you as the tenant will be responsible for maintenance costs, you still will want to get the details straight on it or else you’ll be surprised at how much you’re spending for those additional maintenance expenses. Once you’re settled with all those issues above, make it a point to read the commercial lease at least a couple of times before you agree and sign it.