Legal Checklist for Moving Office
Moving Office Legal Checklist
Many of us pay little attention to the small print when reading or signing contracts, but when it's a business at stake - things are slightly different. Next to payroll, taking on an office lease is one of the biggest financial commitments your company is likely to make so getting the details right and troubleshooting any issues BEFORE you sign is absolutely critical to the ongoing success and security of your business.
This Legal Checklist covers the basic legal issues when moving office but companies should always seek legal counsel from a Commercial Real Estate Lawyer before anything is agreed, finalized or signed.
Working through this Moving Office Legal Checklist will help you identify what legal issues need to be addressed when agreeing the terms of your office lease:
1. Your business has decided it's time to move office. Dig out your office lease on your current property and ask your Real Estate Lawyer what options are available to you in order to relinquish your current office lease.
2. Make sure you give Notice within the right time frame and use the correct method as specified within your office lease.
3. Involve your Real Estate Lawyer in the early stages of office lease negotiations with your Tenant Rep Broker - together they'll be able to draw up the appropriate length of lease, allow for break option provisions, clarify your expected annual costs and outline your tenant responsibilities of maintaining the property.
4. Ensure you factor in enough time for these negotiations within your Timetable as several drafts of the office lease may be exchanged before agreement can be reached.
5. Legal jargon may not your forte, but make sure you fully understand exactly what you are committing to and ask your Real Estate Lawyer to clarify anything you are unsure about.
6. Handover your existing property to your Landlord as specified in your office lease. A retrofit may be necessary and it will also need to be cleaned and left in its original state.
7. Keep copies of your new office lease in a safe place and be sure to diarise any break dates and expiry date to give yourself enough time to act when the office lease finally comes to an end.
8. If you are downsizing and making any redundancies ensure these are handled correctly from a legal perspective with a Real Estate Lawyer.
Find out more legal issues when moving office and plan the logistical aspects of your office move with this definitive Office Move Checklist.
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