Signing a commercial lease is a significant undertaking. While it gives a business rights to use physical property for a set time, major obligations are attached to it. There are a few critical steps you need to take before you enter into such a contract. Are you looking to sign a lease for your company? Talk to the New York business law attorneys of Rosenbaum & Taylor first.
Getting to know the area
Although signing a lease to mark the growth and success of your business is exciting, it calls for due diligence. One of the first steps you should take is to get to know the geographic area in which you are considering leasing. Is the location visible and accessible enough for your customers and clients? Is the property located where your customers and clients are? Is the area safe, clean, and not overly congested? Are there similar businesses in the area that would compete with you?
There are numerous factors you and your business must take into account. Do the necessary research, scout a few locations, and then make your choice. A New York business lawyer can assist you.
Review and understand the terms of the lease
It goes without saying that you should never sign a contract you haven’t read. But reading and understanding a commercial lease are two different things. Some of the most critical terms of a lease include:
- The term of the lease and whether, and under what conditions, it renews
- The monthly rental price and other property-related expenses you must pay
- The respective responsibilities of you and the landlord
- The purposes for which you may use the property
- Whether you will be allowed to sublet the property
- Any early termination provisions
- What happens in the event of a default or other breach of the lease
You may be able to negotiate certain changes to the lease before agreeing to sign it. Regardless, it is essential that you understand these and other terms first. Reach out to a New York business attorney with questions or concerns you may have.
Let an attorney help you negotiate
As mentioned above, it may be possible to negotiate more advantageous lease terms than those initially presented to you. But it may be a good idea to have a New York business lawyer assist with this. A landlord may be reluctant at first to negotiate the lease. However, an attorney can help advocate for you and your business.
In addition to helping you negotiate, a lawyer can review and discuss all terms in the lease. We can answer your questions and explain your rights and responsibilities. In the event you and your landlord come into a dispute, you may need legal counsel. Our team is prepared to handle that. We can litigate on your behalf whether you are the plaintiff or defendant in a lawsuit. But we can also address issues that arise before a lawsuit is triggered. Not every disagreement has to wind up in court. Mediation and out-of-court negotiations can prevent a potentially expensive lawsuit from commencing.
Here To Help Your Business Grow Successfully
If your business is growing, it’s time to discuss its future. This applies especially to leases your organization wants to enter into. Our New York business law attorneys are ready to assist with all legal matters your company may face. Reach out to us to get started today.