Commercial Leases for Office Space - watch out!
Moving Office? Who's protecting your interests?
Hiring your own Commercial Real Estate Lawyer is an absolute 'must' to ensure that your commercial interests are protected when you sign the office space deal.
Taking on a commercial office lease is a big commitment. It will impose operational and financial restraints on your business and, unless the specific terms are negotiated professionally, could become a problem for your business at some stage of your tenancy.
There are lots of things to be alert to - and failing to do so could result in you finding yourself tied in to an unwanted office lease with costly consequences.
Take the time to get your office lease right from the outset. Doing so will not only protect your company's commercial & operational interests - but will also avoid the need for any costly litigation further down the line.
When it comes to signing an office lease it is critical that you have absolute clarity in terms of your position and that you are fully aware of all the legal issues when moving office.
Your Commercial Real Estate Lawyer will negotiate the detail of the lease documentation to minimize your exposure to potential liabilities, advise you on the implications of the detailed terms in the final documents and ensure that you are aware of your ongoing responsibilities.
- If in doubt seek legal advice
- Never sign anything you don't understand
- Always seek legal advice before putting pen to paper to an office lease agreement
Action: You MUST get an experienced Commercial Real Estate Lawyer to look over your office lease and advise you before you sign it. It is also recommended to get them to negotiate the lease detail on your company's behalf.
This is going to cost your company but the fees are not large when considered against the total costs of a lease over the length of its term - and, when compared with the costs of moving to a property on the wrong terms, they are very small indeed.
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