To conduct a business successfully, there are various requirements that the business owner needs to fulfill. One such requirement is renting a property to follow up with the business proceedings. But this step is more complex than it seems, as the business owner would need to sign a commercial lease with the proprietor of the property. But before signing, both the tenant and the landlord need to review the document carefully to avoid severe real estate disputes and complications in the future. Although such complications can be easily mitigated by consulting a Las Vegas commercial litigation attorney, it is recommended to prevent such hazards that would invite lengthy court procedures.
Below are some important things to consider looking at before signing a commercial lease:
Obligations Regarding Repair:
In most cases, the responsibility for the structural repairs goes to the proprietor of the place. Therefore one should ensure that the document highlights things clearly about the matter. Be conscious of any ambiguous words that the other party might manoeuvre in the future. This will lead to strenuous case proceedings. One should always consider negotiations if the maintenance requirements are found to be unaffordable or unreasonable.
Terms Regarding Transfer:
As the success of a business is always ambiguous, one should look for details regarding what will be done if the business owner decides to close the business or leave the place. Generally, a commercial tenant has the allowance to offer the lease to a new business owner or new tenant while carrying the responsibility of regular payment to the landlord. But to keep things fair such matter needs to be directly clarified in the terms and conditions of the document.
Clause Of Exclusivity:
The clause of exclusivity offers a party exclusive rights, and any denial of such rights might lead to complicacies. Most often, the terms and conditions of a commercial lease tend to contain exclusive conditions or clauses where the landlord is restricted from providing property in rent to a competitor from the same industry in which the current tenant is involved.
These are some basic things one should look at before signing a commercial lease. However, to avoid any disputes or misunderstandings in the future, both the tenant and the landlord should consider consulting an attorney who will review the document thoroughly, preserve their best interests, and ensure smooth and hassle-free business proceedings.