As we talk about signing a lease agreement, if you want to avoid making any mistakes that could affect your business negatively in the near future, then hiring a lawyer is definitely one of the most important things that you can do. Aside from that, here are the other reasons why you should hire a lawyer.
1. For Accuracy Purposes
Due to the fact that a business lease agreements are usually voluminous documents, most of the time, the property owners are guilty of using the same lease over and over again. They don’t modify the necessary information to reflect for the business lease. For instance, there have been issues where a business owner has been paying on a commercial lease for five years only to discover that the was actually paying for the bigger area the other business is renting. In simpler terms, he overpaid the rent for a couple of years, and the landlord won’t even refund the money. In situations like this, a highly qualified lawyer will help you discover how you can ensure that your lease agreements would be just and fair with your business. He’ll evaluate the documents, as well as the terms and condition to see if everything has been clearly defined and nothing is missing.
2. Cost Analysis
A lot of commercial leases are good for 3-5 years. Wherein, if you’re paying less than $1,000 a month, your part of the minority. For that reason, it’s important to have a lawyer that would look over the lease to see if it’s really worth the price and you won’t be committing any issues with your landlord later on. Likewise, a lawyer would also ensure that you fully understand all the terms and how you can get out of the lease in case you are unsatisfied about certain aspects.
3. Personal Guarantees
This would eliminate the protection the firm might offer against someone who’s planning to sue your business and attach your personal assets. A lot of business owners aren’t even aware that these are sometimes part of the lease agreement, are hidden. With that, the client don’t even know that they have agreed to it, until it’s too late, because they have already signed the papers.
4. They Will Check if All Utilities Are Included
Your lawyer would ensure that all the utilities are already included in the lease agreement. They’ll also give you the guarantee that the rental properties clearly mention all the lease payment details. Major utilities, such as phone, electricity, gas, and telephone should be a part of this. Likewise, it should also indicate if you’ll be the one to provide regular maintenance services or if this is already part of your rental payment. Aside from that, your lawyer would also check if the lease agreement have indicated whether the insurance and real estate property taxes are borne or shared by the landlords. The payment date would also be evaluated and calculated accurately– especially in situations where the various items are not part of the lease agreement. In a nutshell, a lawyer can help you determine how much you have to pay every month for the additional expenses.