A commercial tenant lawyer can protect you and your business. Renting a commercial property in New York typically involves sophisticated lease agreements. Depending upon how the lease agreement is structured it can sometimes leave a tenant legally bound to honor contract obligations that are difficult to live up to.
While it is possible to successfully structure a commercial lease agreement without an attorney, it is crucial that you fully understand what you’re getting into, what your rights are, and what will be expected of you going forward.
By consulting with an experienced commercial tenant lawyer, you can help ensure that the leasing negotiation process goes smoothly from start to finish.
Estimating Your Real Costs
When someone decides to purchase property, the first thing they ask is “how much can I afford?” The same should be true of businesses before committing to their lease agreement. It’s easy to look at a monthly rental payment and think that’s what your costs are going to be, however, there are other factors that you’ll need to consider as well:
- maintenance of your space
- maintenance costs of shared common space
- are you expected to pay any property taxes
- are you expected to maintain insurance on the physical structure of the business
- and more…
Tenant Rights & Obligations
You must abide by the lease agreement at all times. For example, if the lease specifies how the property is to be used, you must adhere to those terms or face the consequence of breaking your contractual obligations.
Property owners will often ask for personal guarantees on space when they have to spend a lot of money into customizing the space to suit your business. If this is the case you can always negotiate; possibly only personally guarantee the amount of improvements that are specific to you business or have the dollar amount decrease as you get closer to the lease expiration date.
Before you sign your commercial lease, take it to an experienced attorney to have it evaluated. Your lawyer can look over your lease to ensure that there’s nothing there that could potentially be a caveat for you and can help you understand the terms of your lease fully before you agree to it.
Contact Jeffrey Shepro, P.C. Today
It’s tempting to get excited about the “perfect property” and sign the lease or pay the deposit so no one else can rent it out from under you. However, hastily agreeing to a commercial lease agreement before you fully understand the terms of the agreement can cause you significant stress in the long run. It is critical that you know what your obligations are, what your rights are, and what your real costs are going to be before you finalize the agreement.
Attorney Jeffrey Shepro has worked with hundreds of commercial tenants in New York and has helped them get into great rentals that perfectly meet their needs. He can apply his commercial real estate skills and experience to your case and will guide you through the rental process to ensure that the transaction goes smoothly from start to finish.
Contact Attorney Shepro today to discuss your rental needs or to learn more about being a smart renter. Call (212) 575-2683 or send an email to firstname.lastname@example.org.