Starting a business can be a very exciting time in a person’s life. In many cases, an individual or business partners work diligently to put together a detailed business plan and to secure financing. Once the basics are established, the owners may face one of the biggest transactions to date: securing real estate for their business.
If a business owner decides to lease a commercial property in the Denver area, there are a lot of details to consider before signing on the line. It’s important to remember that signing a commercial lease is a lot more serious than leasing an apartment to live in. Granted, the process is similar in some ways, but there is a lot more at stake.
First-time business owners may not be aware of the fact that they can negotiate this type of lease. The landlord will likely ask you to sign a “standard” lease that he or she uses for all tenants. This is the time to involve a legal professional in order to negotiate the terms of the lease.
A typical lease agreement will outline how much the tenant owes and what period of time that rent will cover. The agreement will specify that the landlord allows the tenant to occupy the commercial property for that price and timeframe. It will also outline any guidelines that the tenant must follow when occupying the property and any additional issues concerning parking, maintenance or improvements, among other things.
The standard lease is often drafted by the landlord’s attorney and has a tendency to favor the landlord. Make sure your attorney looks through the lease agreement and explains all the intricacies involved. Sometimes these lease agreements can be extremely detailed and an attorney can help simplify them for you. Work with your attorney to negotiate any changes to the lease that you see fit.
This is one of the most important documents you will sign during the lifetime of your business. It’s crucial that you understand what you are signing before you agree to the terms of the lease agreement.