Opening your own business is exciting, but it also includes a lot of legwork. You must secure financing, hire staff, determine a marketing plan, design a logo and find a place to set up shop. Once you find a commercial space for your business, you may think the hard part is over. However, before you sign a commercial lease, you may want to consider including some specific information that could help you avoid lease disputes down the road.
Be careful to include all the details
When signing a commercial lease, it is important to put everything in writing. This may seem obvious, but if you are in a hurry to sign a lease, small details could be omitted. If there is anything you discuss with the property owner, make sure to include it in the lease. Even if you think you are both in agreement, it is better to have it in writing. The owner may change his or her mind or forget you had the conversation. This may cause problems later.
Consider how use clauses will affect your growth
Many commercial leases include use clauses that limit how the commercial space can be used. Limits can be placed on using certain equipment in the space or performing medical procedures there. Use clauses may also dictate that your business cannot compete with fellow tenants. These clauses may be fine for your business when you sign the lease. However, as you grow, some use clauses could affect how your business evolves. Before you sign the lease, think about your plans for growth and whether any use clauses will interfere with these plans.
Get detailed calculations on how common areas are billed
Most commercial properties have common areas that you share with the other tenants. Understanding how these common areas are measured and the costs are allocated can be incredibly confusing. Prior to signing the lease, make sure you have a clear estimate of what you will be paying for common areas and how these costs are divided. If you have a clear expectation, this can help you avoid any disputes later.
Signing a commercial lease represents a big step forward with your business. Before you sign on that dotted line, carefully review the lease to make sure all details are included, use clauses will not impede business growth and common area costs are clearly calculated. Including this information can help you avoid commercial lease disputes.
