Real estate matters are always a little complex, but this is even more true of commercial properties and leases. Quick review is necessary to ensure that any needed changes happen as soon as possible.
It is thus important to know all aspects of a commercial lease agreement that could potentially trip a person up before signing any sort of lease.
Situations set up for failure
Verity discusses mistakes that people may make when entering into a commercial lease agreement. First, understand that these documents are usually written for the benefit of the landowner and will prioritize protecting their interests. It is possible to revise these contracts so both parties have their interests protected.
Some things that might negatively impact how a lease goes for the person signing include the following failures: Failure to account for things outside of price, failure to align lease terms and business goals, and failure to ask about repairs and common areas.
Price, goals, and common area maintenance
Regarding price, it is ultimately the most important point. However, tenants should also consider things like amenities, accessibility, infrastructure, and the flexibility and versatility of the space.
Regarding lease terms and business goals, it is important not to lose sight of corporate strategies and business goals. No matter how ideal a contract seems, it will simply not work if it is at odds with these matters.
Finally, regarding repairs and common areas, this includes figuring out who specifically must take care of and pay for damages, repairs and maintenance of common spaces. This includes matters of payment and reimbursement, and communication needed before repairs.