When you first start looking at a commercial lease, you may think it is not that much different that a lease that you signed when renting your first apartment when you were younger. However, a commercial lease usually varies greatly in that much more of the financial burden during the term of the lease is on the commercial tenant than a residential tenant. Here are five reasons you want to have your lease reviewed by a qualified business attorney:
- A business lawyer will review your lease to make sure the terms are in your favor. When you sign a standard lease for an apartment, the term is typically only a year and most repairs are done by the landlord. However, a commercial lease is completely different. In many cases, the lease term is at least five years and will typically include, if you are smart, the right to renew the term for up to 20 or more years. Without review, landlords will typically try to have the tenant pay for all repairs – in some cases even things that last longer than the life of the lease including roofs, sewer lines, and foundations. Even if you are using a tenant representative, a business attorney will review all the terms and offer legal advice about what changes should be made to ensure your interests are protected.
- A small business attorney will let you know which terms you really should negotiate and which terms are less necessary to negotiate. As a small business attorney, I have reviewed numerous leases. Having reviewed leases for a living, I can let you know what areas of the lease are a must for negotiating and which areas you can live with.
- Having a small business lawyer makes you seem more professional. Just like many areas in life, when you are a business owner, many things come down to perception. It makes landlords take you more seriously because if you are willing to invest the time and money to hire an attorney to help you with your lease, you are more likely to take your business seriously.
- A small business attorney will make sure the terms are correct. In addition to making sure the terms are in your favor, a small business attorney will help make sure that everything is correct. Although it may seem like a small thing, making sure the dates are correct and the lease terms are written correctly.
- A business attorney can help you with additional documents and permits needed. In addition to signing a lease, many times businesses need additional documents to open a business including licenses, permits, and forms. An attorney can help you navigate all the documents and permits that you will need to operate in the space you find.
As always, if you have any questions about renting space, please contact me, your Denver business attorney at 720-258-6647.