I was once subleasing from another lawyer who asked me to look at his lease because the landlord was charging for common area maintenance. Even though he was a lawyer, he was shocked when I told him this is common in commercial leases.
Most people have experience with residential leases. Virtually all of us have rented an apartment at some point in our lives.
So we know that the landlord is required to keep certain standards of maintenance. He fixes the leaking roof and pays the property taxes, for example.
And if your landlord doesn’t do that and your place becomes unfit for human habitation, you can refuse to pay rent, withhold rent for repairs or even move out (depending on the circumstances).
So many people just do not realize, when signing a commercial lease, that no such protections apply.
What should you know before signing a lease for your business? Watch to find out:
What should I know before signing a lease for my business?
Here’s what you should know before signing a lease for your business. Commercial leases are very different than residential leases. There are fewer restrictions on the landlord or protections for the tenant. Here are five questions you should ask yourself before signing. 1. What are the total costs? For instance, are you paying for common areas? Building maintenance? Are you sharing a portion of your profits with the landlord? 2. Am I required to carry insurance, and if so, what insurance? 3. Am I personally liable for my lease instead of my business/corporation? 4. Is this building ADA compliant? And if I get sued for an ADA violation, does my landlord have to pay for it? 5. Who is liable if someone gets hurt on the premises or if the building gets damaged? Not knowing the answers to these questions can spell trouble later. Got more questions? Visit us at bellatrixlaw.com to schedule a consultation.