Commercial Lease Lawyers: How They Can Help
A commercial lease lawyer is a real estate lawyer who helps tenants and landlords by drawing up professional commercial lease agreements. Commercial lease agreements are more complex than residential leases, which is why many people hire an experienced commercial lease lawyer to guide them through the entire process and ensure the agreement is beneficial for both parties. Professional commercial leases are a significant part of any real estate transaction and of course, an essential part of the law. Hiring a commercial lease lawyer will provide you with some major advantages during the entire lease process.
What Does a Commercial Lease Lawyer Do?
Commercial lease lawyers are advisors to tenants and landlords when negotiating professional commercial lease agreements. They specialize in analyzing, redlining, drafting, understanding, and negotiating the agreements with a high level of expertise. They are of great help for tenants as well as for landlords due to the complexity of commercial lease agreements. Commercial lease lawyers are exceptionally skilled in real estate and are experts when it comes to determining how agreements must be worded and drafted. Their aim is to make sure that business owners pay a reasonable price for the space and that there are no nasty surprises for both parties after the agreement is finalized.
Benefits of Having a Commercial Lease Lawyer by Your Side
1. Understand the Terminology
There are various terms included in a commercial lease agreement that you may not be familiar with, such as legal compliance, HVAC, and gross vs. net leases. There are also terms referring to your rights as the tenant to the subletting, assignment, and any alterations and expansion. A commercial lease attorney will explain all of these terms and how they can affect you as a tenant. Understanding these terms and processes will help you and your attorney to negotiate all the details of the contract.
2. Balance the Playing Field
The opposite party will likely have their own legal representation as well. When you hire your own commercial lease lawyer, the playing field will be level and negotiations can be made between both parties. The legal system assumes that each party has a lawyer to represent their interests. This is crucial if the parties should enter into any litigation due to any disputes.
3. Protection from the Competition
A commercial lease lawyer will help to advocate for the best interests of your business. Negotiation will include protections and restrictions to keep your landlord from leasing adjacent commercial spaces to your competitors. The terms of the lease must stipulate potential competition leasing in the same complex.
4. Financial Protection for the Future
The majority of commercial leases are heavily in favor of the landlord. Signing a lease drafted by your landlord without reading the agreement with a professional may put you in an unfavorable position in the future. As you plan to grow your business, the original terms may hinder any expansion plans. If a conflict should arise between you and your landlord, a commercial lease lawyer will provide guidance and help to alter the lease and achieve favorable results for you as the tenant.
5. Adhere to Legal Correctness
Never trust the lease contract that your landlord provides. Without an attorney by your side, you may end up signing a contract that is entirely unenforceable or comprises terms that are not legally compliant. Your lawyer will review the contract in full to identify any possible issues with the legality of the terms and the contract.
Staying prepared for the future should be top priority for any business owner. A commercial lease lawyer can help to ensure your security, especially if a dispute arises or if something were to go wrong with your business finances. Take the time to do the proper research for a commercial lease lawyer to represent your case.