The Blacksburg area can be a great place to start a business, but one of the keys to doing so successfully is picking out the right location for that new enterprise. After all, even in this day of online shopping and service, most businesses will still need some sort of traditional brick-and-mortar presence.
Instead of investing in real estate outright, some business owners may decide that leasing commercial property is the best route to take for their business. In this respect, though, it is important to remember a couple of things about commercial leases. First, unlike a residential lease, they tend to be much more open to negotiation.
Second, they are different than residential leases in many other respects; they cost more in rent, they last longer and they spell out more rights and responsibilities in greater detail.
This is why it is almost always a good idea for a business owner to go over a proposed commercial lease agreement with an area attorney who understands Virginia’s laws as they pertain to real estate transactions.
Aside from the rent and the description of the real estate being rented, there are a number of important terms. For instance, a good commercial lease is going to address who is responsible for what sort of maintenance. On the flip side of the coin, the lease should also specify what improvements a tenant can and cannot make to the property, as well as how the property can be used.
A commercial lease should also include other important terms, like who will pay for taxes and insurance and the like and how a security deposit will get handled. A lease can even dictate how a landlord and tenant will resolve disputes between them.