Commercial property rentals are a lot different from the typical apartment lease you may have signed at least once or twice in your life. Because a commercial space has to do with running a business, commercial lease agreements are far more in-depth and may require more of your attention as a business owner. For example, a commercial lease could have certain restrictions that don’t allow for any kind of remodeling or renovations. It may have lax rules on breaking a lease, late fees, or rent due dates. Overall, lease agreements for a commercial property are legally binding contracts that dictate what you can and can’t do with your business.
What is a commercial lease lawyer?
To even the playing field, tenants or landlords can hire a commercial lease lawyer. This is because commercial lease lawyers are responsible for representing your interests and outlining contracts that benefit either the property owner or the renter. PCL Lawyers in Melbourne is a great example of a reputable firm that handles commercial lease laws. With a commercial lease attorney, a legal representative can explain every single detail of a rental agreement. Keep in mind, you’ll want experienced commercial lease attorneys to represent you as you navigate these waters. It can be difficult to defend yourself on your own in the event that a tenant decides to break their lease or a landlord changes the terms of a lease without anyone else’s consent. Hiring a lawyer is the best way to guarantee that you’re protecting your business in the long run.
Are there different types of commercial leases?
Yes, there are different types of leases to consider: single net leases, double net leases, and triple net leases. When a tenant has a single net lease, they are required to pay for property taxes on top of the rent and utilities. While these aren’t typically common, it puts tenants at a higher risk. A double net lease calls for the tenant to pay for insurance premiums on top of rent, utilities, and property taxes. The landlord is still responsible for all other repairs and maintenance of the property. Lastly, the triple net lease is one of the most common contracts for commercial spaces. The tenant pays for rent, taxes, insurance, utilities, water, sewer, trash, and other maintenance fees. Some of these leases benefit the tenant while others benefit the landlord.
What do you do if your commercial lease is broken?
When there’s a breach of lease, it’s important to consider the assistance of a lawyer. When there is a legal dispute, it’s best to have representation for either side of the fence. If you’re a commercial landlord, you will need help with terminating the agreement depending on whether there are sufficient grounds. If you’re a tenant, it is crucial to protect yourself and get an initial consultation. Perhaps your landlord has breached your agreement or accused you of breaking the terms. These are just some of the situations where it’s best to find legal counsel to ensure the best possible outcome and protect your business.
Regardless of whether you’re a landlord or a tenant, commercial leasing lawyers will have your best interests at heart. PCL Lawyers is just one of many firms you can reach out to for expert legal advice. If you’re having trouble with lease negotiation, hiring representation could greatly improve the terms of the lease. You should always be thinking about what could happen to your business long-term and prepare yourself for any potential conflicts along the way. At the end of the day, a landlord-tenant relationship affects your bottom line. Don’t wait too long to decide if litigation is necessary. If you want to achieve your business goals without hiccups, getting a commercial lease lawyer is a good investment.