FIVE REASONS YOUR LAWYER SHOULD REVIEW YOUR COMMERCIAL OR RESIDENTIAL LEASE
- Leases are Landlord Favored - They are typically written by landlords or their attorneys and any provision that can written to their favor, typically is.
- Accuracy - Leases are voluminous document that are cut and paste between different tenants. Often times, the Landlord or property management companies do not carefully change all the required information to reflect your actual terms. Without careful review you could be signing a document that incorrectly states your interest.
- CAM (Common Area Maintenance) Fees - These apply to commercial leases. All tenants located within a commercial building share the cost of maintenance such as striping the parking lot, landscaping the common area, lighting, security, snow removal, etc. As a tenant you want to make sure that your CAM fees are dependent on the total rentable square feet, not the total rented square feet. The difference can mean a lot of money.
- Personal Guarantees - A personal guaranty eliminates any protection your corporate entity might provide against someone suing your business and attaching your personal assets. Personal guarantees are often buried deep in a lease agreement. Beware of these.
- Non-Compete Agreements - As a tenant in a commercial building it is important that there is no competition. Protect your business by making sure there is a non-compete clause in your lease stating that your landlord cannot rent to your competitors.
• Remember, a lease is a contract and once you sign the lease you are bound to every last term and provision. Make sure you negotiated and understand all the terms. Call the Attorneys at Sutton Law for review of your residential or commercial lease @ 859-578-6600.