You own a business and you need to lease space. A landlord hands you a document that provides you the terms of a lease and you must go through it. You need to get the documents signed so you can start tenant improvements. The small investment you make at the outset could definitely save you thousands whilst in the long run it can cause you problems in the future. 1. Use: Is it clear and does it specifically state what you can use the space for? If not, it should be pointed out and specified. 2. Term. Make sure that you know how long you can use the space, and specify that in your documents too. You are responsible for rent even if long after your business is no longer under operation. It can also go to a point where in you are forced to move out and look for another place due to debts. 3. Assignable. If you decide to change it into a corporation or partnership, the lease should be open and freely assignable. 4. Subleasing. If you decide on not needing all the space at all, you would probably want to try to sublease a floor, or a portion of the space. This is a factor that not all landlords would want to grant or give. This needs to be talked about and decided upon. Making decisions outside the circle not telling your landlords the details would really cause problems.
How to Make Property Leasing a Success
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