Of all the important things that you will do in your life, singing a commercial lease will rank pretty high. As it is a big commitment, it is important to be as informed as possible. Lawyer and solicitor Glenn Duker discusses the three vital considerations to be aware of before signing a commercial lease.
Be aware of all costs
Just like any contract you sign, it is absolutely critical to ensure you’re aware of all the costs involved before committing with a signature. Be sure to find out if your lease includes security bonds, refurbishment costs, insurance costs and legal costs, as well as repairs and maintenance.
Get to know your rights
Tenants can be granted certain rights in commercial leases. For example, tenants may be allowed to put up signage, set up retail shelving or use common areas. To know exactly what you can and cannot do, or to ensure that you receive the rights you’re entitled to, you’ll need to read the terms of your lease carefully. If these aren’t included, you may be able to negotiate the terms into the lease.
Assignment of lease
In the event that the business is sold or goes out of business, an assignment of lease clause will allow the tenant to transfer the lease. This clause is especially important for small businesses, so before signing a commercial lease, be sure to check if this clause is included.
For expert advice in matters pertaining to commercial leasing, get in touch with experienced lease lawyer Glenn Duker today. Contact our firm on 1300 907 335 to learn how we can help you.