Before making any lease agreement you should know what commercial lease is? Finding a new location is the toughest thing to do. Commercial lease negotiation is the basic term to find the right place on the right terms. But don’t be worry everything is negotiable if you can’t do it at your own you can get the help of some legal advisers.
Here are some tips for buying commercial lease building or place.
- Check your affordability. At what price you can start the lease agreement?
- Building should have enough space which can fulfill your needs.
- One of the important factor is the location if the building. If your living with the family school, colleges and the market should be at nearest place.
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Elements of commercial lease
Let’s discuss some elements for commercial lease negotiation.
You should know what the format for commercial lease agreement is? What different clause means? And what is the information needed for every clause?
- Clause #1: Name and address of the lessor and the lease required.
- Clause #2 Duration of the lease. End and start date of the lease agreement.
- Clause #3 who will pay the tax obligation?
- Clause #4 Maintenance charges and utility bills obligation
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Calculate for every situation:
- Calculate you total expense for every situation. Cost is the main factor that can make useful commercial lease negotiation.
Letter of Intent:
This letter includes the following elements
- Full address of the lease premises. Include footage of the premises and attach to the final lease agreement.
- Calculate the total area of the leased premises.
- Terms and the conditions of the renew of the agreement.
It is important to get yourself prepared for the lease agreement. Setting a right place can decide the future of small entrepreneurs and small business..