Tuesday, 2 June 2015

Commercial Leasing – Three Important Considerations

Signing a commercial lease is a big commitment, which is why it’s essential to be as informed as possible. In this quick guide, lawyer and solicitor Glenn Duker shares three important considerations to keep in mind before signing a commercial lease.

Glenn Duker

Be aware of all costs

Before signing a lease, it’s absolutely crucial to ensure you’re aware of all the costs involved. These can include security bonds, legal costs, insurance costs, refurbishment costs, and repairs and maintenance.

Understand your rights

Commercial leases can grant tenants certain rights, such as allowing them to put up signage, use common areas, and erect retail shelving. Before signing a lease, ensure that you’re entitled to the rights you want or need. If these aren’t included, you may be able to negotiate these into the lease.

Assignment of lease

An assignment of lease clause allows a tenant to transfer the lease in the event their business is sold or goes out of business. This clause is especially essential for small businesses that may be unsure what the future may bring. Before signing a commercial lease, it’s recommended to check if this clause is included.

If you need expert advice or legal help in the area of commercial leasing, experienced lease lawyer Glenn Duker can help. Contact our firm today to learn how we can assist you.

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