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Remember that you are entering into a formal agreement when you sign a lease. Before signing anything, you might wish to get legal counsel. For individuals unfamiliar with commercial leases, the following information is an excellent place to start.
The length of your lease
A business lease typically lasts between three and ten years. Determining when the lease begins is critical since it also affects when the agreement will terminate.
Your agreement should spell out what will happen if the space isn’t ready by the move-in date and how the landlord will alter the rent. Unexpected complications may arise unless the place you agree to inhabit is currently vacant and remodeled to meet your demands.
Check for any conditions allowing the landlord to give an alternative location if the new premises are not ready on time. This sort of agreement may require you to relocate your company more than once, increasing your relocation expenditures.
If you’re transferring from an old location to a new one, allow additional time before departing to account for any potential delays at the new place (construction, previous tenants, property damage, etc.)
Selecting a Lease
The cost per square foot of space is used to calculate commercial rentals. Many landlords charge renters for heat and electricity separately. There are at least five typical approaches to figuring out how much rent to pay, including:
· Leases on a gross basis
The most typical type of office lease is a gross lease, which requires you to pay a certain monthly sum. All running expenditures, including taxes, insurance, and maintenance, are the landlord’s responsibility.
· Net-lease agreements
In a net lease, you are responsible for paying part (or all) of the property’s real estate taxes in addition to the basic rent. The landlord is responsible for the building’s operational expenditures.
· Leases on a net-net basis
You are responsible for paying the basic rent, taxes, and insurance for the space you occupy under a net-net lease.
· Leases with a net-net-net or “triple net” structure
Triple leases pass on to you, the tenant, all of the building’s operational costs, including repairs and upkeep. Typically, these leases are utilized for industrial sites.
· Leases by the Percentage
You pay a set rate plus a proportion of your gross revenue with a percentage lease. For merchants in multi-tenant sites, percentage leases are a unique renting agreement (i.e. malls or shopping centers).
· Rent is going up
When a lease or a new lease extended was signed for a new tenant, the rising cost of managing a facility was formerly covered by an increase in rent. Most landlords include an escalation clause in their lease agreements to protect themselves against unpredictably changing real estate prices. If the cost of maintaining or managing the property rises, the provision empowers the landlord to raise the rent. Most landlords will work with you to negotiate the escalation clause.
The following are some instances of escalation clauses:
· Rent regularly increases during the lease
· Increases in taxes, heating, maintenance, and other direct expenditures on a pro-rata basis
· Automatic rent increases based on the Consumer Price Index (CPI) or another equivalent inflation index
Note that because the CPI tends to exaggerate the impact of inflation, you should not agree to pay more than a percentage of the yearly CPI rise, mainly if the lease already includes increases in taxes and direct operational costs.
Subleasing your property
If you decide to grow your business or relocate before your lease expires, you can talk to your landlord about subleasing.
Check to see whether the tenant that is interested in subleasing fulfills your landlord’s property requirements. Keep in mind that if your subtenant decides to leave before the contract expires, you will be responsible for paying the rent.
Getting your lease renewed
Unless you have agreed on a renewal formula and have a condition that guarantees the space after your lease expires, a landlord has no legal responsibility to give you the same room once your lease ends.
You must typically give written notice if you want to extend the lease; otherwise, it would lapse immediately (a one-year notice for long-term leases is common, but three or four months can be the standard for short-term leases). Some leases are automatically renewed until you terminate them. If you have many locations and don’t want to risk your lease expiring, this might be a viable option for you.
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