When it comes to acquiring commercial property, whether through leasing or purchasing, the principle of “caveat emptor” (buyer beware) should guide you. Unlike residential transactions, commercial deals often lack the protective layers of statutes or common law. Our Commercial Leasing Lawyers and Real Estate Lawyers are here to walk you through the essential steps before you sign any commercial lease.
Before finalizing a commercial lease, parties usually draft a Letter of Intent (LOI). This preliminary document outlines key terms like base rent, square footage, and lease duration. As your trusted Office Lease Attorneys, we recommend carefully considering the pros and cons of each clause, especially any “Non-Shop” provisions that may limit your options.
Tenants must distinguish between rentable and usable spaces. Usable space is what you can actually use, while rentable space includes common areas like staircases and bathrooms. Consult our Real Estate Lawyers to ensure you’re not overpaying for space you can’t use.
Our Commercial Leasing Lawyers suggest conducting a thorough search of local government records to check for any violations against the building or landlord. If the leased space is critical to your business, consider discussing the cost of leasehold title insurance with your attorney.
Commercial leases often restrict the tenant’s usage of the premises. Make sure your intended use aligns with county zoning laws and recorded restrictions. Our Real Estate Lawyers can help you navigate these complexities.
Landlords often offer Tenant Allowances as incentives. These can cover construction costs, design fees, and moving expenses. Negotiate these terms carefully with the help of our Office Lease Attorneys.
Ensure that your Rent Commencement Date starts only after you’ve set up your business, typically after completing any renovations.
Be cautious of clauses that allow the landlord to relocate your business or hold you personally liable for the lease. Our Commercial Leasing Lawyers can help you negotiate these terms to your advantage.
To discuss your commercial leasing needs, contact our Fairfax office at 703-652-5506 or reach out online to set up an appointment with our expert Commercial Leasing Lawyers, Office Lease Attorneys, and Real Estate Lawyers.