There’s nothing worse than being stuck in a commercial lease for an unprofitable business that isn’t generating enough income to pay the bills. If you’re in a situation like this, the future of your business could depend on your getting out of your commercial lease. Here are a few tips that could help you:
Get familiar with the lease contract
You need to know what will happen if you terminate your lease early. Read the provisions relating to early terminations and what kinds of penalties you could face in these situations. In some situations, you might find a loophole that permits you to get out of the lease.
Appeal to your landlord
Some landlords are reasonable. They may be willing to strike a deal with you. Perhaps your landlord has another more suitable property available that you could move into. Or, maybe the landlord has another potential tenant who is willing to pay more for your location. Discuss your situation with your landlord and you might be surprised by the result.
Do the legwork required to find a replacement
It’s possible that a neighboring tenant has had an eye on your location. Or, maybe you can take out an advertisement to find a suitable tenant to replace you. This could help you get out of your lease by making things easier on your landlord.
Learning about your legal rights and options is essential when you find yourself stuck in a lease that’s not appropriate for your business. Before you break your lease, or attempt to negotiate with your landlord, make sure you understand everything about how your situation will be viewed in the eyes of the law. A real estate attorney is highly adviseable for such questions.