When you sign a lease agreement you’re making an important financial decision, especially if you have limited resources. If there is a clause in the lease that you didn’t understand completely, you might be vulnerable to liabilities that could have been easily avoided.
Having a professional opinion over your lease agreement will reduce the risk of future incidents and stressful situations that can compromise your business’ proper functioning.
Having a professional read through your lease documents can save you money or highlight a clause you weren’t aware you needed. Otherwise, you might be liable for legal troubles over being unaware of both your rights and the other party’s.
Commercial leases are an example of agreements that require particular attention to the clauses. Whether you’re an investor, landlord, or tenant, you need to be aware of factors like relocation provisions, exclusivity of leasing the property, and factors like construction and alteration to the property.
Termination of Lease
Having assurance that your lease will terminate on the agreed date is essential, and knowing what terms can break the agreement will prevent you from having to quickly find other premises. Delayed payments or breaches of contract are factors that contribute the most to lease terminations.
Agreeing upon late payment consequences and ensuring that you are informed of every aspect of the lease will protect you in future.
Typos can significantly alter your lease agreement, specifically relating to numerical typos on agreed amounts. As a tenant or investor, you might find that you are overpaying what is required or fair. As a landlord, a typo could legally bind you to receive much less than you should.
Lease agreements can be very voluminous documents, and inaccuracies have a high chance of slipping through without being noticed. With a professional overviewing your lease agreement, you will have peace of mind that everything is within legal parameters.